Nacon: Jumps on 'new master stroke' acquisition

Nacon SAS

22/01/2021 10:25

** Shares in Nacon  NACON.PA  are up 4.3% after the French
game maker said on Thursday it would acquire Australia's Big Ant
Studios  urn:newsml:reuters.com:*:nASN000QRV
    ** Nacon says it expects the agreement to help it complete
its editorial positioning in sports simulations and extend its
commercial development in the Asia-Pacific region
    ** Midcap Partners upgrades Nacon to "buy" from "neutral",
seeing the acquisition of the video game development studio as
"a new master stroke"
    ** "This very accretive acquisition on a niche market sector
illustrates one more time the group's capacity to carry out very
relevant acquisitions at good price", it adds
    ** Nacon is to pay overall maximum price of EUR 35 mln
($42.61 million) for the deal, including net price of EUR 15 mln
upon signature and a potential earn-out
    ** Among the six analysts covering the French company, the
breakdown of recommendations is four "strong buy" or "buy," and
two "hold" 

($1 = 0.8216 euros)


($1 = 0.8215 euros)

 ((juliette.portala@thomsonreuters.com))