German-Swedish cross-border capital market transaction – Noerr advises on 270 million euro games developer marriage between Goodgame and Stillfront

Noerr, together with Taylor Wessing, has advised Hamburg-based Goodgame Studios and their investor Rocket Internet in connection with the strategic takeover by the Swedish Stillfront Group. The transaction value is 270 million euros. Stillfront is listed on the Nasdaq First North Premium in Stockholm, a subsidiary of the US technology stock exchange Nasdaq, and will finance the transaction by means of a loan and by issuing new shares to the Goodgame shareholders. The share price significantly increased in reaction to the announcement of the transaction.

As part of the transaction, the Swedish games developer is acquiring Altigi GmbH (Goodgame) whose shareholders include, in addition to Goodgame founders Kai and Christian Wawrzinek, Rocket Internet subsidiary Global Founders Capital. The selling Goodgame shareholders are becoming major Stillfront shareholders due to the new Stillfront shares acquired in exchange, with almost half of those new shares being passed on to institutional investors.

Stillfront Group was established in 2010 and is known in particular for smartphone games such as “World at War” and “Conflict of Nations”. Hamburg-based Goodgame also specialises in browser and mobile games such as “Empire”.

Advisors to Goodgame Studios: Noerr LLP

Prof Dr Christian Pleister (Frankfurt/Berlin), Dr Sascha Leske (Berlin/New York, both Private Equity), Jessica Hallermayer (Corporate/M&A, Hamburg)

Other advisors to Goodgame: Taylor Wessing London and Hamburg, Setterwalls (Sweden)