Sweden-based Fragbite Group, which operates an eponymous gaming-focused aggregation site and owns an esports team, has acquired Dutch hyper-casual game studio Lucky Kat for 7.8 million dollars.
Lucky Kat is founded by brothers and game development veterans Herdjie and Hernan Zhou, and has assembled a veteran development team to tackle emerging mobile technologies, such as VR, AR and MMO. With over 200 million game downloads globally across its portfolio, Lucky Kat is committed to creating casual and hyper-casual games, while maintaining the highest quality standards and providing support for its global player base.
In total, Fragbite will pay €5 million (approximately $5.6 million) in cash and €2 million (approximately $2.2 million) in stock for Lucky Kat’s shares. Additionally, a purchase-price adjustment of €11 million (approximately $12.3 million) may be payable depending on Lucky Kat’s financial performance over the next two years.
Fragbite CEO and president Stefan Tengvall said:
“Lucky Kat has proven that it can produce games with data-driven decisions and is currently making its first game with play-to-earn mechanics. I believe that the rest of Fragbite Group will benefit from the company’s know-how and knowledge and that this is an acquisition that will complement our group and create good synergies with our existing operations.”
Lucky Kat CEO Herdjie Zhou added:
“We are proud and excited to join Fragbite group as we accelerate our growth into both mobile games and play-to-earn games.”
