Animoca Brands is selling its entire portfolio of 318 casual mobile games to iCandy Interactive for $3.8 million (A$5 million).

The deal consists of $760,000 (A$1 million) in cash and the remaining amount in ordinary shares in iCandy. There will also be an additional performance-based payment of up to $2.28 million (A$3 million) if the games reach a certain level of performance in the next two years.

Should the portfolio surpass $760,000 in net profit per annum, Animoca will receive a share of the profits. Animoca will also continue to work with iCandy to develop its casual games business in the future.

A boost in players

The deal will give iCandy over 325 million new players from the portfolio of casual games. It will also aid Animoca in its current business restructuring towards core titles and VR.

"We are excited to work with the extensive casual games portfolio of [Animoca Brands]. This will represent a major milestone for [iCandy] in our strategic plan to become a leading international mobile games and entertainment group," said Kin-Wai Lau, Chairman of iCandy.

"The combined game portfolio will entirely transform our publishing capability and will have a very positive impact on our existing business."

Animoca Brands sold off 13 of its games to Maple Media for $2.9 million back in September 2017. The games involved in the deal were said to be "non-core components" of its TicBits subsidiary.