Stillfront Group buys German gaming company, GoodGame Studios, for EUR 270M.

Stillfront Group AB, a Stockholm, Sweden-based gaming holding announced entering into an agreement to purchase 100% percent of the shares in Altigi GmbH for EUR 270M ($320M) on a cash and debt free basis

Altigi, based in Hamburg, Germany and led by Kai (CEO) and Christian Wawrzinek (CSO), owns one of the leading free-to-play online games developers, Goodgame Studios.

Following the deal, the owners of Altigi will hold approx. 36.5% of the outstanding shares and votes in Stillfront through their holding company Laureus Capital GmbH. The transaction will be financed by an an issue of SEK 390 million under Stillfront's outstanding corporate bond loan.

GoodGame Studios is well known for game titles such as Empire, BigFarm or Mobile Harvest and has more than 340 million registered users. The company will operate in the same way as the current Stillfront studios, i.e. semi-autonomous. Stillfront Group’s management will stay intact with Jörgen Larsson as the CEO, and the operating model will be unchanged.

The combined unit Stillfront/GoodGames has approx 390 employees and revenues of 794 MSEK in Jan – Sep 2017 and an EBIT of 220 MSEK.

This is the second transaction of Stillfront in 2017, after the announcement of purchasing of eRepublik in May 2017 for EUR 7.5M.