The Swedish group of companies Stillfront Group acquired the German game studio Goodgame Studio for € 270 million.
Stillfront Group paid €39 million in cash, and the remaining part of 16.8 million shares.
The resulting volume of securities gave the owners of Goodgame Studio a 36.5% stake in Stillfront Group. Goodgame Studio co-founder Christian Wawrzinek has joined the board of directors of Stillfront Group.
Although the deal is framed as a sale, in fact it looks more like a merger. According to the forecast of Stillfront Group, the revenues of Goodgame Studio next year will amount to €130 million.
The combined income of Stillfront Group and Goodgame Studio from January to September 2017 amounted to €79.7 million, and the total number of employees of both organizations totals 390 people.
This is the third acquisition of Stillfront Group in 2017. In May, the group bought the mobile studio eRepublik Labs for €7.5 million, and in July acquired 51% of the developer of the browser-based football manager OnlineFussballManager. de for €639 thousand.
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