By Joe Hope
TinyBuild Inc. said Monday that it has acquired the 23-staff development team of Demagic Games in return for around 1.2 million pounds ($1.6 million) in shares.
The videogames publisher and developer said it has been working with Demagic, which is currently based in Ukraine and Russia, for more than a year on various projects. By bringing them in-house, it expects to reduce dependencies on external studios and increase the visibility of its production process.
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It doesn’t expect the acquisition to materially affect its earnings.
The company said as part of the initial consideration on signing, it will issue 621,006 shares at a price of 194.13 pence a share, subject to a 12 month lock-up period. The shares are expected to be admitted on Thursday.
“In addition, we are looking at a number of other potential acquires and larger scale acquisitions to enhance the company’s strategic and operational position,” Chief Executive Alex Nichiporchik said.
Write to Joe Hoppe at [email protected]
Credit: www.marketwatch.com /