2nd Nov 2022 11:09
(Alliance News) - Frontier Developments PLC on Wednesday announces its acquisition of Manitoba, Canada-based game development studio Complex Games Inc, the developer of role-playing game Chaos Gate Daemonhunters.
Cambridge-based video game developer and publisher Frontier acquires 100% of the studio for an upfront cash consideration of GBP8.3 million. A conditional deferred cash consideration of GBP3.3 million will be payable subject to Complex meeting operational miles up to the end of 2023.
The total maximum upfront and deferred consideration of up to GBP11.66 million will be funded from Fronter's existing cash resources.
The acquisition follows a successful collaboration between Complex and Frontier Foundry, Frontier's games label for third-party publishing. It is expected to deliver "modest" accretive financial benefits in 2023 and 2024.
Chief Executive Jonny Watts noted that this was the firm's first acquisition and added that the company will "continue to explore opportunities to grow Frontier's resources" moving forward.
Shares in Frontier Development were up 2.0% at 1,344.39 pence on Wednesday morning in London.
By Heather Rydings; [email protected]
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