Gaming Realms offloads third-party website assets
Gaming Realms has completed the sale of its third-party platform-driven website properties to Silverspin Media Ltd and Blackspark Ltd for £2.9 million (€3.7 million/$4.2 million).
Under the agreement, Blackspark will make an up-front cash payment of £1.2 million, with an additional £500,000 to be paid through a transitional services agreement over the next five months.
Silverspin’s contribution of £1.2 million will be netted off against final earn-out payments, due to the vendors that Gaming Realms had previously bought the assets from as part of an earn-out process in 2016 and 2017.
Gaming Realms has agreed with the vendors that it will pay a final consideration payment, due to be settled by the issue, of £1.2 million through the issue of 4.8 million shares at a price of £0.25 on completion of the deal.
The agreement is due to be finalised by the end of the month.
Patrick Southon, chief executive of Gaming Realms, said: “Focusing on higher margin investment in our new mobile platform and achieving significant success within our own mobile content development is delivering stronger returns for Gaming Realms.
“Having end-to-end control of our offering has created a set of exciting opportunities in the UK, and more recently in the US, and these have become our strategic priority.”
Related article: Gaming Realms claims 116% revenue increase in 2015