Embracer announced five new acquisitions this morning: Perfect World Entertainment (PWE), Shiver Entertainment, DIGIC, Spotfilm Networx and Dark Horse. The biggest one is PWE, a leading developer and publisher of MMOs (Massively Multiplayer Online Games) which brings a strong IP catalogue. The company operates three longstanding MMOs, with a shared lifespan of +25 years. This acquisition, which will operate under the Gearbox unit, will bring new competences to the group as well as strengthen Gearbox’s publishing division. The Shiver acquisition brings more firepower to Saber’s work for hire business, including two industry veterans to the team. Over the years, it has worked on titles like FIFA, Madden and Mortal Kombat. As one of the best animation studios in the world, the DIGIC acquisition offer important complementary skill sets to Saber. DIGIC will also contribute to internal projects with Gearbox, THQ Nordic, Coffee Stain and Koch Media. Spotfilm Networx is the leading advertising-based video on demand channel in Germany. Its advertising-based streaming platform, Netzkino, has more than 20 million monthly views. The last acquisition, Dark Horse, is the third largest comics publisher in the US. It owns a large IP library with +300 titles which could generate significant synergies for the group. Could add 3.4-4.0% to FY ‘23/’24e consensus adj. EPS Together, the announced acquisition is expected to contribute with SEK 600m adj. EBIT in FY ‘23/24e (based on the midpoint of forecasts provided by the company). Details of the deals was only provided for the PWE acquisition, which we expect will dilute the share count by 0.5%. For the other acquisition, we have assumed 1.0-1.5% dilution in aggregate. As a result, we expect the acquisitions today could add 3.4-4.0% to ‘23/’24e cons ... Läs mer på Introduce
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