Stillfront Group AB: Stillfront completes the acquisition of Babil Games
March 13, 2017
Stillfront completes the acquisition of Babil Games
Stillfront Group AB (publ) ("Stillfront" or the "Company") has completed the acquisition of all outstanding shares in Babil Games LLC, ("Babil") that was announced by press release on December 16, 2016. The acquisition was conditional upon (i) the receipt of necessary approvals of the acquisition from Creative City Free-Zone Authority in the Emirate of Fujairah, U.A.E, (ii) the Creative City Free-Zone Authority having updated the trade license of Babil, and (iii) the absence of events or circumstances, reasonably likely to have a material adverse effect on Babil's revenues. All of these conditions have been met and the 355 848 shares in Stillfront that have been issued as consideration for the shares in Babil, in the above mentioned press release, have been delivered by the Company to the sellers of Babil. The final subscription price for the consideration shares was approximately SEK 62.66 per share, which was determined based on the average price per share on the Nasdaq First North during the 30 days prior to 16 December 2016. The Company's share capital amounts to after the completed acquisition of 4 188 642.50 SEK and number of shares to 5 983 775.
For additional information, please contact:
Jörgen Larsson, CEO at Stillfront
Phone: +46 70 321 18 00
Sten Wranne, CFO at Stillfront
Phone: +46 705 851258
Stillfront is a group of independent creators, publishers and distributors of digital games - with a vision to become the leading group of indie game creators and publishers. Stillfront operates through six near-autonomous subsidiaries: Bytro Labs in Germany, Coldwood Interactive in Sweden, Power Challenge in the UK and Sweden, Dorado Online Games in Malta, Simutronics in the United States and Babil Games in UAE and Jordan. Stillfront's games are distributed globally. The main markets are Sweden, Germany, the United States and MENA. For further information, please visit www.stillfront.com.
Stillfront's portfolio includes games across multiple platforms. Unravel, developed by Coldwood in collaboration with Electronic Arts, won 20+ awards at E3 and gamescom and was released in February 2016. Supremacy 1914 and Call of War are high-immersion war strategy games developed by Bytro Labs. ManagerZone is a sports management strategy game launched in 2001. DragonRealms and GemStone IV are MUD-style games with a very loyal player base. Lara Croft Relic Run(TM) is a popular mobile game developed by Simutronics.
Nasdaq First North Ticker Symbol: SF
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