Toadman Interactive AB (publ) has entered into an agreement with the shareholders of Petrol Advertising, Inc. to acquire 100 percent of the shares in Petrol Advertising for a consideration of USD 18.0 million on a cash and debt free basis, plus an additional consideration of up to USD 5.0 million based on Petrol Advertising’s financial performance during the twelve months following the acquisition. The purchase price will be paid partly in newly-issued shares in Toadman Interactive.
Petrol Advertising is a creative marketing company within the gaming and entertainment industry, located in Burbank, California. The acquisition is in line with Toadman’s strategy to perform complementary mergers and acquisitions to take a stronger industry position.
Toadman Interactive is a Swedish gaming development studio with expertise within action-based Role Playing Games (RPG) for PC, Playstation and Xbox. The company is listed on Nasdaq First North.
The transaction is subject to certain conditions and is expected to be completed on June 26, 2019.
Baker McKenzie acts as legal advisor to Toadman Interactive in connection with the transaction. Baker McKenzie’s team mainly consists of Anna Orlander, Stefan Balazs, Ian Gulam, and Erik Holmgren from the Stockholm office together with Emery D. Mitchell, Dominique Manguiat and David Fronckowiak from Baker McKenzie in San Francisco and Palo Alto.