14th Aug 2018 13:11
LONDON (Alliance News) - Sumo Group PLC said Tuesday that it bought independent game development studio The Chinese Room Ltd for GBP2.2 million.
The purchase price was satisfied by GBP1.6 million in cash on completion, and GBP600,000 through the issue of 357,485 new Sumo shares.
Sumo shares were trading down 3.2% at 162.10 pence each on Tuesday.
The net consideration for the purchase is GBP600,000, Sumo said, as The Chinese Room was acquired with approximately GBP1.6 million of cash on the balance sheet.
"The board expects that The Chinese Room and the Brighton studio will together incur a small operating loss through the remainder of 2018, as new staff are recruited, and that the business will be profitable in 2019," the company said.
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