Stillfront Group continues to buy studios. This time, a Swedish company is investing in a mobile developer from Croatia, Nanobit. The maximum value of the transaction can reach $148 million.
On September 17, Stillfront CEO Jörgen Larsson announced an agreement between the companies. According to him, this will allow Stillfront to expand its presence in the RPG niche and attract a new audience.
“Nanobit is an experienced and respected studio with many applications and games, which occupies a clear niche in the lifestyle genre,” Larsson commented. “The company has great potential, we consider its future product line promising.”
The transaction will take place in two stages:
- By September 30, 2020, Stillfront will receive 78% of Nanobit shares, paying $100 million. Of these funds, the company will transfer $70 million in cash, and $30 million in shares;
- in 2023, Stillfront will buy out the remaining 22% of the studio. It is assumed that the company will pay $48 million for them. However, the exact amount depends on the implementation of the sales plan. In any case, the deal will be concluded again with 70% cash payments and 30% shares.
The Croatian studio will retain its previous management even after joining Stillfront.
Nanobit is a developer who has created 19 games and 10 applications. In total, the studio’s products have been downloaded 145 million times. The most famous games are Nanobit: Hollywood Story and My Story.
Also on the topic:
- Stillfront Group bought a mobile publisher from Miami for $74.4 millionStillfront Group to buy Storm8 mobile Studio for $400 million
- MY.GAMES Venture Capital invests in an American studio with Russian roots Hypemasters
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