Brief: Starbreeze acquires VR company Enterspace for SEK 20 MLN
13/06/2017 07:45
June 13 (Reuters) - STARBREEZE AB STZEb.ST :
* ANNOUNCED ON MONDAY ITS AGREEMENT TO ACQUIRE VIRTUAL REALITY (VR) COMPANY ENTERSPACE AB,
FOR A TOTAL OF SEK 20 MILLION, WHEREOF SEK 17.0 MILLION IN STARBREEZE B-SHARES AND SEK 3.0
MILLIONS IN CASH
* SUBSCRIPTION PRICE OF SERIES B SHARES WILL BE SEK 15.87
* AT THE TIME OF ACQUISITION, STARBREEZE WILL ALSO CONVERT A LOAN TO ENTERSPACE OF SEK 20
MILLION TO EQUITY
* PARTIES HAVE ADDITIONALLY AGREED ON LIMITED THREE-YEAR-EARN-OUT FOR THE SELLERS BASED ON
ENTERSPACE'S FUTURE FINANCIAL PERFORMANCE, TAKING EFFECT AFTER STARBREEZE HAS RECOUPED 120
PERCENT OF SEK 20 MILLION INVESTMENT THROUGH ABOVE-MENTIONED LOAN CONVERSION
* COMPLETION OF TRANSACTION IS PLANNED FOR JUNE 30, 2017
Source text for Eikon: urn:newsml:reuters.com:*:nWkr6nrcDC
Further company coverage: STZEb.ST
(Gdynia Newsroom)
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