Stillfront Group (No_rec, TP: SEK) - Acquiring 6waves
Last night, Stillfront announced the acquisition of 6waves (leading mobile free-to-play publisher of strategy games in Japan) for an upfront consideration of USD201m and a potential earn-out of up to USD100m until 2025. In conjunction with this, Stillfront is planning a SEK2bn rights issue. Also, the company released a Q4 trading update, including a return to organic revenue growth YOY in December. Owing to DNB Markets’ role in the transaction, we have withdrawn our target price and recommendation.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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