Animoca Brands to Acquire nWay For AU$11.4 Million

Animoca Brands (ASX:AB1), esports and gaming company announced that it will acquire nWay, a San Francisco-based gaming company for AU$11.4 million. nWay publishes Power Ranger Legacy Wars, with license rights from Lionsgate and Hasbro. The company reported unaudited revenues for the first eight months of 2019 reaching AU$10.2 million.

As quoted in the press release:

Highlights:

• Animoca Brands to acquire nWay, Inc. (“nWay”) for US$7.69 million (approx. A$11.4 million) of which US$1.94 million (approx. A$2.9 million) is in cash and US$5.75 million (approx. A$8.5 million) in shares

• Share consideration will be based on a price per share of the higher of A$0.18 or the 30-day VWAP as of the effective date

• Cash consideration includes US$250,000 (approx. A$369,000) to the Sellers and a US$1.69 million (approx. A$2.5 million) cash investment into nWay for operating purposes

• nWay is a game developer and publisher of high-quality AAA games on console, PC, and mobile platforms

• nWay revenue (unaudited) in the first 8 months of 2019 was US$6.98 million (approx. A$10.2 million) with EBITDA loss of US$1.3m (approx. A$1.88m)

Click here to read the full press release.