The plot thickens: Toca Boca's primary objective is an external investment - not a sale

Earlier this week came reports that Toca Boca, the Stockholm-based gaming studio, were set to be sold after hiring a US investment bank to find a buyer to acquire the company from current owners Bonnier.

We've since discovered that the US investment bank representing them (and Bonnier) is Raine, who interestingly have participated in the sale of a Nordic gaming company before, as they represented Softbank when they acquired 51% of Supercell.

Regarding the deal itself, we've learnt that the primary objective is actually to _secure external investment rather than a sale_, although the latter option remains a possibility.

Raine's involvement could indicate a similar transaction similar to Supercell's where a majority shareholder comes in and invests, but the company continues to operate independently.

We've also learnt that the price originally reported (500 million- 1 billion SEK) is likely to be wide of the mark of the actual price if the company did indeed get sold. Although we couldn't pinpoint what a more likely price would be, this does seem to be aligned with our suspicions that the originally reported price point seems to be too low.

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