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Digital Bros moves to acquire all Starbreeze assets from Smilegate

Digital Bros moves to acquire all Starbreeze assets from Smilegate

January 23, 2020 | By Chris Kerr




Italian developer-publisher Digital Bros has moved to acquire all of the Starbreeze assets held by South Korean developer Smilegate Holdings for €19.2 million ($21.2 million). 

The proposed deal would result in Digital Bros holding a 30.18 percent stake in Starbreeze, which successfully exited reconstruction in December 2019, along with 40.83 percent of the company's voting rights. 

Smilegate currently holds a number of Starbreeze assets, including a convertible bond of SEK 215 million ($22.5 million) issued by Starbreeze with a strike price of SEK 2.25 ($0.24) per share, credit of approximately €13.8 million ($15.2 million) included in Starbreeze's reconstruction plan, and 3.6 million Star A shares and 6 million Star B shares. 

It the purchase goes through, Digital Bros would also be obliged to table a public tender offer for the residual Starbreeze shares. 

As it stands, Digital Bros is already Starbreeze's majority shareholder, with the group holding 7 percent of the company's share capital and 28.6 percent of its voting rights. Through its subsidiary 505 Games, the Milan-based firm also publishes the console versions of Payday 2

Explaining its reasoning for the deal, Digital Bros said it would allow it to "exert greater control over the corporate strategy of Stabreeze going forward."



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