Nearly two years after it was first announced, games developer Animoca Brands Corporation has finalised an agreement with iCandy Interactive (ASX: ICI) for the $5 million sale of its mobile games portfolio.
Originally announced in November 2017, the agreement would see iCandy acquire 318 mobile casual games from Animoca Brands, through a combination of cash and shares. However a series of technical issues during handover resulted in the software source codes for some games not transferring across to iCandy. The delays meant iCandy could not settle a remaining cash consideration of $622,293.34 via the issue of new shares to Animoca Brands.
Today, the companies announced the technical issues had been resolved and iCandy would finalise the outstanding share issue.
Animoca Brands will receive a total of 30,208,415 iCandy shares, increasing its stake in the company from 7.9% to 15.5%.
Additionally, the management of Animoca Brands and iCandy have agreed to work on the acquired game portfolio and explore future collaboration opportunities.