Sweden’s Stillfront acquires Goodgame Studios for €270 million

German game studio Goodgame Studios has been acquired by Sweden’s Stillfront for a €270 million.

The deal is €39 million in cash and the remaining in shares. The owners of Altigi, the company behind Goodgame, will gain 36.5% in shares in publicly-listed Stillfront. This marks Stillfront's third acquisition of the year. It bought OnlineFussballManager.de and eRepublik Labs.

According to the announcement, the combined company will has net revenues of around €79 million (794 million SEK) for the first three quarters of 2017; the merger will be approved at Stillfront's shareholder meeting in January.

The acquisition will form a “true European gaming champion with compelling complementary game portfolios and operational synergies,” said Jörgen Larsson, CEO Stillfront

“The proposed transaction is an important step, and marks the acknowledgement of Stillfront's long-term strategy to build a diversified portfolio of independent creators, publishers and distributors of digital games,” added the company’s chairman Annette Brodin Rampe.

“This is a consequent step towards our long-term vision of creating one of the world's leading gaming companies,” said Dr. Kai Wawrzinek, CEO of Goodgame Studios. “Stillfront has over the past years delivered continuous, predictable and reliable growth. Together we have a truly unique opportunity to take full advantage of this growing market.”