2020-09-16 06:08

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Embracer Group AB ("Embracer"), through its wholly-owned subsidiary Koch Media GmbH, has today entered into an agreement to acquire 100 percent of the share capital in Dutch-based Vertigo Games Holding B.V. (“Vertigo Games”). Vertigo Games is a company that develops, publishes and distributes games exclusively for VR. It is behind the million-selling and award-winning global hit Arizona Sunshine, and has highly anticipated After the Fall in its pipeline.

The upfront equity purchase price amounts to EUR 50 million in total, where EUR 40 million is paid in cash and EUR 10 million is paid in newly issued B shares. This equals an upfront enterprise value of approximately EUR 45 million, adjusted for EUR 5 million in acquired net cash. Subject to fulfilment of agreed earnings targets and release of certain titles during a up to 10 years period an earn-out consideration of a maximum of EUR 65 million may be paid, where a maximum of EUR 25 million will be paid in cash and a maximum of EUR 40 million will be paid in newly issued B shares.

A company presentation of Vertigo Games will take place in connection with today's Annual General Meeting on September 16, 2020.