Codemasters for $ 30 million will acquire the authors of Project CARS, which the partner was going to buy Mail.Ru Group
British Codemasters is building up its asset portfolio. She is going to acquire London-based Slightly Mad Studios for $30 million.
The final amount may be much more. Under the terms of the agreement, Codemasters will pay an additional tranche based on the profit (here EBITDA) of Slightly Mad Studios for the next three years. According to GamesIndustry, this will increase the deal by at least an additional $67 million. The maximum payout will be $166 million.
According to the agreement, Slightly Mad Studios as a whole is transferred to Codemasters. Now 150 people are employed in the studio. Codemasters itself has 550 employees.
Together with the studio, the publisher gets the rights to all the games that are currently being developed by Slightly Mad Studios. We are talking about a new mobile game Project CARS Go, an unannounced game based on a Hollywood blockbuster (rumored to be a game in the Fast and Furious universe) and a game based on the studio’s own IP.
The deal looks organic for both sides. Slightly Mad Studios, which released two Need for Speed and earns today mainly on the Project CARS series, receives expertise and a financial “safety cushion”. As for Codemasters, which has been launching only racing games since 2009, with rare exceptions, it is strengthening its presence in the niche.
“The purchase of Slightly Mad Studios will make us leaders in the global racing games market,” says Codemasters CEO Frank Sagnier. — “After the increase, the company will get more coverage. It’s about diversified, predictable sources of income, as well as the ability to offer products to a wider audience.”
Earlier it was reported that Slightly Mad Studios will be bought by the company Modern Pick, whose shareholder today is Mail.Ru Group. This summer it was reported that the studios had already secured the agreement in writing.
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