June 13, 2017 / 6:50 AM / in a month

BRIEF-Starbreeze acquires VR company Enterspace for SEK 20 MLN

1 Min Read

June 13 (Reuters) - STARBREEZE AB:

* ANNOUNCED ON MONDAY ITS AGREEMENT TO ACQUIRE VIRTUAL REALITY (VR) COMPANY ENTERSPACE AB, FOR A TOTAL OF SEK 20 MILLION, WHEREOF SEK 17.0 MILLION IN STARBREEZE B-SHARES AND SEK 3.0 MILLIONS IN CASH

* Subscription Price of Series B Shares Will Be Sek 15.87

* AT THE TIME OF ACQUISITION, STARBREEZE WILL ALSO CONVERT A LOAN TO ENTERSPACE OF SEK 20 MILLION TO EQUITY

* PARTIES HAVE ADDITIONALLY AGREED ON LIMITED THREE-YEAR-EARN-OUT FOR THE SELLERS BASED ON ENTERSPACE'S FUTURE FINANCIAL PERFORMANCE, TAKING EFFECT AFTER STARBREEZE HAS RECOUPED 120 PERCENT OF SEK 20 MILLION INVESTMENT THROUGH ABOVE-MENTIONED LOAN CONVERSION

* Completion of Transaction Is Planned for June 30, 2017

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Further company coverage: (Gdynia Newsroom)

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