Stillfront Group has acquired Croatian mobile game developer Nanobit in a deal worth up to $148 million.
The deal will initially see Stillfront acquire 78 per cent of shares in Nanobit for $100 million, with the sale expected to close on September 30th. $70 million of the deal will be paid in cash, with the remaining $30 million offered in shares.
Following this, Stillfront will then purchase the remaining 22 per cent of Nanobit in 2023, for up to $48 million depending on certain sales targets being met. Whatever the figure, the deal will once again be made in 70 per cent cash and 30 per cent shares.
Nanobit is a developer with 19 games and 10 apps which have collectively accrued over 145 million downloads. Its games include Hollywood Story and My Story. The management team and founders are set to stay on with the company following the sale.
“With the acquisition of Nanobit, Stillfront expands our footprint into the narrative lifestyle role playing games (RPG) genre, further strengthening Stillfront’s portfolio of Simulation, Action and RPG games and broadening our gaming audience," said Stillfront CEO Jörgen Larsson.
"Nanobit is an experienced and reputable studio with numerous apps and games with a clear niche within the lifestyle genre. The games portfolio has shown strong growth during the last year and we see a strong growth potential going forward, including a promising pipeline of new games."
Nanobit made a strategic partnership with publisher Tamatem Games in April 2020 to bring Hollywood Story to the MENA region.