Jawaker, an Abu Dhabi-based online games company has agreed to be acquired by a Swedish company for USD 2…
Jawaker, an Abu Dhabi-based online games company has agreed to be acquired by a Swedish company for USD 205 million.
Jawaker will be acquired by a Swedish company focused on acquisitions and the management of browser and mobile gaming companies and platforms.
Stillfront Group recently completed a directed issue in order to finance the acquisition of Jawaker. Commenting on the issuance, Stillfront’s CEO Jörgen Larsson said in a statement: “We are very pleased to complete this directed share issue with such strong support from both existing and new shareholders. We continue to deliver on our vision to build the leading free-to-play powerhouse and we are making great progress towards our long-term financial targets.”
The acquisition is expected to close next month. The purpose of Stillfront’s issuance was also to enhance its financial position in line with business targets which were previously announced.
Gernandt & Danielsson Advokatbyrå acted as legal counsel to Stillfront, with Baker & McKenzie Advokatbyrå advising the company’s managers in connection with the directed issue.
Latham & Watkins, acting for Jawaker on the acquisition, stated in a press release: “The transaction represents one of the most significant exits by an Abu Dhabi-based start-up and underlines the strength of the United Arab Emirates’ gaming sector.”
Stillfront’s acquisition of Jawaker will solidify its position in the Middle East and North Africa, as well as widening its gaming portfolio.
While Jawaker has a strong market position in the Middle East and North Africa, it also has a substantial revenue share from the Arab diaspora in North America and Europe.
Latham & Watkins’ advisory team was headed up by associate Omar Maayeh with counsel Eyad Latif and associate Stephanie Dang, in Dubai, with partner Mike Turner with associate Katie Kaplucha acting from the London office.
The United Arab Emirates welcomed a new blockchain platform in May, when telecommunications company Etisalat launched a blockchain-based platform designed to prevent fraud in relation to trade invoices.