For €55 million.
Media & Games Invest, better known to MMO Fallout readers as “those people that own Gamigo”, announced this week the closing of a deal to acquire mobile game developer Axes In Motion. The acquisition is valued at €55 million with a potential for up to €110 million in payouts depending on performance through the end of 2024. Axes In Motion brings video games as well as a massive ad-platform with 700 million users.
The parties have agreed to a fixed purchase price of EUR 55 million (the “Fixed Consideration”), plus up to EUR 110 million that may be paid to the sellers as earn-out payments (the “Earn-out Consideration”), depending on EBITDA performance compared to the Business Plan6 until the end of 2024 (together the “Total Consideration”). EUR 50 million of the fixed purchase price will be paid at closing and EUR 5 million 12 months post-closing. The Total Consideration shall be paid in cash. Closing of the Transaction is expected to occur in May 2022.
The total amount will be paid in cash, presumably in a suitcase that has been handcuffed to some executive’s wrist.