\n\nAs stated in a press release Stillfront Group AB has entered into an agreement with the owners of KIXEYE, Inc. a leading developer and publisher of online strategy games headquartered in Canada, to acquire 100 percent of the shares in KIXEYE for an upfront 100% cash consideration of $90 million on a cash and debt free basis.<\/p>\n\n\n\n
The transaction is expected to complete by July 1 of this year at the latest, with $90 million to be paid up front in cash and further cash earn-outs possible (up to $30 million) if certain financial goals are met for 2019.\u00a0<\/p>\n\n\n\n
To make the purchase, Stillfront has taken out a bridge loan from Swedbank, which it will repay over 12 months using equity it plans to raise in the near future.\u00a0
<\/p>\n\n\n\n
“KIXEYE fits perfectly into Stillfront’s growth strategy by broadening our portfolio of studios and games with characteristics that drive long term gamer relations”<\/p> J\u00f6rgen Larsson, CEO, Stillfront.<\/cite><\/blockquote>\n\n\n\n
Stillfront said the deal for Kixeye will strengthen its foothold in the free-to-play strategy games market.\u00a0<\/p>\n\n\n\n
Kixeye currently has four live games in its portfolio, which include Battle Pirates, War Commander, Vega Conflict and War Commander: Rogue Assault. Assets related to the development of MMO Kingdom Maker will be divested to Global Worldwide. These are free-to-play massively multiplayer mobile games with strategy elements. In Kixeye games, you typically build a base and get into battles with other players and try to level up your units and defenses. It’s a popular genre \u2014 and one that Stillfront is also active in with games like Call of War.
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