The deal is expected to close in the first quarter of 2021, and EG7 has promised Piranha will continue to operate as an independent studio thereafter.
Stockholm-based video games holding group Enad Global 7 AB (EG7) has announced that it has signed an agreement to acquire Canadian PC and console developer Piranha Games for CAD $31.4 million (about $24.1 million) paid two-thirds in cash and one-third in newly issued EG7 shares. Also, EG7 has agreed to pay out an additional CAD $63.4 million ($48.6 million) split equally between cash and shares, if certain profitability performance targets are hit by the end of 2025.
Vancouver-based Piranha was established in 2000 as a work-for-hire studio, and now it counts a 65-person development team and has such a famous game project as Mechwarrior. Within the Enad Global 7 group, Piranha Games will operate as an independent studio and report as a separate entity, as well as bolster the group’s development capacity in Canada. Future joint projects will combine Piranha Games’ knowledge in high-quality console and PC games with Enad Global 7’s expertise in publishing and marketing.
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