FIRY sold its stake in Exit Games for $55 million
The company FIRY, formerly known as Skillz and known for developing its competitive gaming platform for real money, has decided to offload its stake in Exit Games. It sold its entire shares in the studio for $55 million.
Overall, FIRY controlled 10.5% of Exit Games. It acquired this stake in July 2021 for $50 million. Consequently, FIRY profited $5 million from the sale.
Commenting on the deal, FIRY's CEO Andrew Paradise stated that exiting the asset at a price above the initial investment and in cash affords the company greater flexibility to expand other areas of its business. However, he did not disclose any specific plans.
The shares were repurchased by Exit Games itself. The transaction was completed on October 2nd.
Exit Games is based in Germany and manages the Photon Engine — a networking engine for multiplayer games.