Media and Games Invest (MGI) reported FY20 revenues of €140.2m and adjusted EBITDA of €29.1m, ending the year strongly to deliver 67% yoy revenue growth. In H220, MGI completed a dual listing and share placing (for €29m) on Nasdaq First North Premier and issued an €80m bond. MGI has carried its momentum into FY21, with the transformational acquisition of KingsIsle Entertainment (Wizard101, Pirate101) for US$126m in cash upfront, up to US$210m including earn-out. The acquisition was funded by the placings, together with a further placing of c 9% of MGI’s shares to Oaktree Capital, an anchor investor for MGI. MGI had net interest-bearing debt of €91.6m (post KingsIsle), with net leverage of 2.0x pro forma FY20 adjusted EBITDA (€46.0m).
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