| Embracer Group to merge with Easybrain forming eighth operating group
Embracer Group AB (“Embracer”), has today entered into an agreement to merge with Cyprus-based Easybrain Limited (“Easybrain”) in an all equity transaction for a day one purchase price amounting to USD 640 million on a cash and debt free basis plus a maximum of USD 125 million in additional consideration. The sellers, Easybrain’s senior management, Peter Skoromnyi, Matvey Timoshenko and Oleg Grushevich, will post-closing, jointly become the third largest shareholder in Embracer. Easybrain will become Embracer’s eighth operative group as a wholly owned subsidiary and continue to be led by its existing management. Easybrain is a leading mobile game developer with a core focus on advertising-based puzzle and logic games. Easybrain’s titles have more than 750 million installs to date and 12 million daily active users across 15 live games. “I am excited to welcome Peter, Matvey, Oleg and the entire Easybrain team to the Embracer family. Easybrain is a highly diversified growth business with a market leading position in timeless puzzle and logic games. They are an extremely experienced and process driven team with a superior tech platform and world class UA capabilities. Easybrain has repeatedly demonstrated the capability to develop, scale globally, and operate category leading puzzle and logic games. By joining forces with Easybrain, we have meaningfully accelerated Embracer’s mobile and free-to-play business” says Lars Wingefors, Co-founder and Group CEO of Embracer Group. “We are delighted that Easybrain merges with Embracer. We are extremely proud of the team that brought our business to what it is today, and now we feel it’s time to become part of something bigger. We are positive that our future efforts will contribute greatly to the group results and are excited to be part of such a great group of entrepreneurs under Lars’ leadership” says Oleg Grushevich, CEO and Co-founder of Easybrain. Through the acquisition, Embracer adds a leading mobile game developer with proven ability to launch, scale up and operate multiple global category leaders within the logic and puzzle game genre. Embracer sees a great opportunity in supporting Easybrain to continue developing strong mobile game titles and be able to leverage the expertise of Easybrain across the Embracer organization. Within the Embracer Group, Easybrain will post-transaction become the eighth operating group. Easybrain will continue to operate as an independent developer and publisher focused on mobile games with continued leadership by its existing management team. Easybrains focus will be to drive long term organic growth rather than to grow through bolt on acquisitions. |
