Fragbite to acquire Fall Damage
Initial purchase amounts to approximately $1.8 million
Fragbite is set to acquire Fall Damage, the Swedish-based studio behind the upcoming free-to-play competitive title Alara Prime.
The Swedish firm will pay an upfront fee of approximately SEK 20 million ($1.8 million), acquiring all outstanding shares in Fall Damage.
Half of the fee will be paid in cash "to an external institutional owner" and the other half in over four million shares at SEK 2.33 ($0.21) per share issued to the founding members of Fall Damage.
Fragbite's acquisition of Fall Damage is expected to be finalised in the next two weeks.
"The acquisition is optimal for Fragbite as it enables considerable synergies where both Fall Damage's excellence and the game Alara Prime lay the foundation for several parallel revenue streams over time," said Marcus Teilman, Fragbite president and CEO.
Fall Damage CEO Anders Gyllenberg said the acquisition is the "start of an exciting journey" for both parties.
"We have an extremely dedicated and professional team that now gets the opportunity to become part of a growing group, within which we can take on all the opportunities that the gaming market offers."
Fall Damage was founded in 2017 by DICE veterans Gyllenberg, Mikael Kalms, Markus Nyström, and Dan Vanderlind. The studio's management team previously worked on games such as Battlefield 3, Battlefield 4, and Star Wars Battlefront.
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