Animoca Brands has finalised the sale of its mobile games library to Australian firm iCandy Interactive.
The acquisition was first announced in November 2017 and is for all 318 mobile titles by Animoca Brands. However, last year it was revealed that there were technical issues with a few of the game, so despite iCandy owning the rights, some of the source codes were not transferred to the company.
Supportive settlement
Animoca Brands agreed to extend the settlement date for the remaining fees and cash flow. With the issues now resolved, iCandy owes the tech firm AUD$622,293 ($433,659). However, the remaining amount will be paid through shares in the Australian company – 30,208,415 in total at a value of A$0.0206 ($0.014).
Once the shares have been handed over, Animoca Brands will have a 15.5 per cent stake in iCandy, an increase of 8.6 per cent from the 7.9 per cent it currently holds.
“Animoca Brands has been extremely supportive to iCandy, and its election to receive iCandy shares for the outstanding consideration for the acquired game portfolio is a show of confidence in the prospects of iCandy,” said iCandy chairman Kin W. Lau.
