Leaf Mobile has acquired fellow Canadian mobile games specialist East Side Games for CAD $159 million (USD $125 million).
As per the agreement, CAD $19 million (USD $14.9 million) will be paid in an initial cash sum, to go alongside 444 million shares in Leaf.
However, the remaining payment is subject to the performance of Leaf Mobile for the periods ending February 5th 2022 and February 5th 2023. Overall, the deal has a potential remaining value of CAD $40 million (USD $31.4 million).
“We are tremendously excited to officially welcome East Side Games, a leading Canadian publisher and developer of mobile games, to the Leaf Mobile family,” said Leaf Mobile CEO Darcy Taylor.
“ESG has an outstanding track record of bringing world-class franchises to life and providing top tier mobile experiences to their users. The values and a purpose-driven mentality within ESG’s team culture are strongly aligned with Leaf’s.
“We are confident that this acquisition will generate significant long-term shareholder value and we look forward to continuing to add top-tier, like-minded studios to the LEAF Mobile family moving ahead.”
Upon completion of the deal, East Side Games chief product officer Jason Bailey has been named as the new chief revenue officer of Leaf Mobile.