- iCandy (ICI) has completed the 100 per cent acquisition of Lemon Sky Studios for MYR135 million (A$44.5 million)
- Founded in 2006, Lemon Sky Studios is a video game, game art, and animation studio with a large portfolio of video games it has worked on
- Cash consideration of $17.8 million will be paid in tranches, while the share consideration of $26.7 million has successfully been issued to the vendors of Lemon Sky Studios
- With the combined skills from the teams, the company plans to undertake more ambitious projects in the emerging trend of the global gaming industry
- Shares are trading 2.86 per cent lower at 17 cents each
iCandy (ICI) has completed the 100 per cent acquisition of Lemon Sky Studios, with plans to be more ambitious in the NFT and metaverse gaming areas.
Total consideration was MYR135 million (A$44.5 million) which is to be paid through cash and shares.
Cash consideration of $17.8 million will be paid in tranches, while the share consideration of $26.7 million has successfully been issued to the vendors of Lemon Sky Studios.
These shares are subject to 12 and 24-month escrow.
Founded in 2006, Lemon Sky Studios is a video game, game art, and animation studio with a large portfolio of video games it has worked on.
Some of its notable AAA game titles include Call of Duty Infinite Warfare, Need for Speed Hot Pursuit, Spider-Man and Marvel’s Avengers.
iCandy has begun to integrate the management team from Lemon Sky Studios’ into its overall strategic planning and execution.
Following the completion of the acquisition, the two companies teams will combine to have more than 450 full-time employees.
With the combined skills from the teams, iCandy plans to undertake more ambitious projects in the emerging trend of the global gaming industry.
The teams have already begun to collaborate on the company’s development pipeline in the NFT and metaverse gaming areas.
Shares were trading 2.86 per cent lower at 17 cents each at 12.25 am AEDT.