Aonic acquires majority stake in Milky Tea
HyperBrawl Tournament developer to focus on new IP development
Aonic has acquired a majority stake in HyperBrawl Tournament developer Milky Tea.
Milky Tea founder Jonathan Holmes, who was the majority stakeholder, will remain as a minority stakeholder and as CEO of the company.
The partnership will see Milky Tea double down on IP development and grow its team. The developer is currently working on "multiple new IPs," all unannounced.
Holmes commented: "We have had a great relationship with Aonic’s leadership team for multiple years. After we had decided to take the next strategic step in our development, we sat down with Aonic last April and immediately knew there was great potential in our collaboration. This new partnership is a fantastic opportunity and will allow Milky Tea to continue to go from strength to strength."
Last year, Aonic Group shared its intent to invest over $100 million in its gaming branch and acquire several development studios. It subsequently invested $35 million in nDreams and acquired marketing platform Exmox for nearly $100 million.
Sign up for the GI Daily here to get the biggest news straight to your inbox