Polish People Can Fly Group (PCF Group) will buy 100 percent of shares in the Canadian company Game On Creative, which are worth PLN 29.4 mln (EUR 6.44 mln). This investment agreement concluded with Samuel Girardin and his related entities, provided that the seller will invest all the money obtained in shares of the new PCF issue.
“As our trusted partner, Game On will strengthen our competencies in the field of animation, cinematics and audio in the creation of AAA titles and in the implementation of several large projects at the same time. After the acquisition, Game On will not work exclusively for us, the company retains its independence in working with other entities from the gaming industry, and Sam Girardin remains its CEO,” said Sebastian Wojciechowski, the head of PCF Group.
“PCF Group is already a global player,a company that has been developing very dynamically in recent years. Joining People Can Fly is a strategic step for us, which will support our technological development and strengthen our offer of producing high-quality content for our clients," Sam Girardin, CEO of Game On stated.
PCF Group Polska has already convened a general shareholders meeting which will decide on increasing the share capital by issuing 387,000 shares (1.29 percent of the share capital) through private placement. The issue price was set at PLN 75.75 per share. The investment agreement provides that 85 percent of series D shares, including 15 percent of series D shares until April 27, 2023 and 70 percent of series D shares until December 31, 2024 will be the subject of a lock-up agreement.
Another acquisition of Game On has existed since 2002 and specialises in the production of motion pictures, cinematics and audio for the largest companies in the gaming industry. It employs 30 people. It is a long-term production partner of the People Can Fly (PCF) studio. The studio cooperated with Electronic Arts, Sony Interactive Entertainment and Xbox Games Studios, among others.
Along with the acquisition of Game On, People Can Fly grew its team to more than 350 people worldwide. The PCF Group took over a development team of the American company Phosphor Games a few days ago. From last year's share issue, the company raised PLN 100 mln (EUR 21.91 mln), of which PLN 30 mln (EUR 6.57 mln) was to be spent on acquisitions.