Games Mobile ST LTD acquired Innova Intellectual Properties S.à r.l. from Enad Global 7 AB (OM:EG7) for 21 million.
September 23, 2022
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Games Mobile ST LTD acquired Innova Intellectual Properties S.à r.l. from Enad Global 7 AB (publ) (OM:EG7) for 21 million on September 23, 2022. Total consideration will be paid in cash as follows: (i) 17.0 million of cash at closing and (ii) 4.0 million of cash in six equal quarterly instalments over the following 18 months. Approximately 9.9 million in cash will remain within Innova. The size of any contingent consideration is dependent on the timing of any divestment of Innova by GMST and the consideration received. If GMST sells Innova within five years from closing, EG7 will receive 15-30 percent of the sale proceeds, if the sale price is greater than 50 million, up to a maximum of 13.5 million of contingent consideration. If GMST sells Innova for 100 million or more after five years from closing, then EG7 will be entitled to 20 percent of the sale price from such a transaction. Enad Global 7 AB had initially contemplated a transaction with the management team at Innova as previously communicated on April 19, 2022. Enad Global 7 ABBoard determined that Games Mobile ST LTD proposed transaction would be more beneficial to the shareholders of the Company while also providing Innova with more favourable long-term prospects over the initially contemplated transaction. Innova Intellectual Properties S.à r.l. remaining net assets as of June 30, 2022 was SEK 120 million (11.2 million).
Games Mobile ST LTD completed the acquisition of Innova Intellectual Properties S.à r.l. from Enad Global 7 AB (publ) (OM:EG7) on September 23, 2022.
Toadman Interactive AB is a Sweden-based game development studio with primary focus on Role Playing Games (RPG). The Company develops games for a range of platforms, including PC, Mac, Linux, PS3, PS4, X360, XONE, iOS, Android Mobile and Android Consoles. The Company uses Autodesk Stingray game engine to build games. Toadman Interactive AB operates within two business areas: Game Development and Consulting. The Game Development implies development of own games, such as Immortal: Unchained. The Consulting business area comprises tailor-made consulting services for both developers and publishers worldwide, including support on different phases of process, such as game design, programming and graphics.