Code Club was acquired by Game Chest for $355k
Code Club, a Motala, Sweden-based gaming company, announced that it entered an agreement for selling the company to its bigger competitor Game Chest, also based in Sweden, Stockholm.
The purchase price is SEK 3.37M ($335k) of which SEK 1M paid in cash, SEK 500k to be paid October 31, 2019 and SEK 1.87M through newly issued shares in Game Chest .
Code Club was founded by Rolf Jansson and Markus Persson in 2007. In 2011 the company changed its name to Code Club and now operates the virtual world brand Wurm, which consists of Wurm Online and Wurm Unlimited.
Game Chest, founded in 2017 and led by CEO Jesper Nord, is active in game development and digital distribution, as it offers services and products under varying brands where the web based game subscription services Gamethrill and uCrate are included. In addition there are also gameitnow.com which is a platform in the browser game segment and easybet.gg an e-sport betting site.
As of January 2019 Game Chest Group is a listed company on Spotlight Stock Market.