STOCKHOLM: Swedish recreation developer Embracer has agreed to purchase Netherlands-based digital actuality (VR) video games maker Vertigo Games for 50 million euros ($59.25 million) upfront and a potential extra fee of as much as 65 million relying on its efficiency over the approaching years.
“We have been monitoring the VR market over the previous years very carefully,” Klemens Kundratitz, CEO at Embracer subsidiary Koch Media stated in a press release on Wednesday.
“We really feel that now could be the best time to increase our teams actions into this fast-growing market.”
The upfront fee consists of 40 million euros in money and 10 million in newly issued Embracer B-shares.
“Subject to fulfilment of agreed earnings targets and launch of sure titles throughout an as much as 10 years interval an earn-out consideration of a most of EUR 65 million could also be paid,” Embracer stated.
Embracer, which develops and publishes PC, console and cell video games, has seen its share soar 133% this 12 months, boosted by a robust earnings efficiency and a string of gaming studio acquisitions.
($1 = 0.8440 euros)