Goodbye Kansas to be purchased by Bublar Group for $5.7M.

Sweden M&A 30 April 2020
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Goodbye Kansas, a Stockholm, Sweden-based creative development company, announced getting into an agreement for being acquired by the, also Swedish, publicly-listed technology company Bublar Group.

The deal is to be made in a non-cash issue of 16.4 million shares, or approximately SEK 56 million ($5.69 million).

Upon completion of the deal, which has been agreed upon by the majority of Goodbye Kansas shareholders, Bublar Group will acquire 100% of the company's shares for the fixed purchase price, but with a consideration of up to 17.5 additional shares based on Goodbye Kansas operating profit for 2020.

Goodbye Kansas, founded in 2014 and led by CEO Peter Levin, develops services for feature films, TV series, commercials, games and game trailers. The company has about 200 employees, working with clients including HBO, Netflix, Ubisoft, Saab and Disney.

Goodbye Kansas expects sales for January and February 2020 to reach SEK 50 million ($5M), up from SEK 18 million for the same period last year.

In 2018, Goodbye Kansas raised $12M in investment from Swedbank Robur, aiming to IPO.

However, in 2019, Goodbye Kansas divested its investment portfolio, Goodbye Kansas Game Invest, to THQ Nordic -- now Embracer Group - for $4.4 million.