iCandy Interactive Limited (ASX:ICI) entered into a share purchase agreement to acquire a 51% stake in Digital Games International Pte. Ltd. from Singapore Telecommunications Limited (SGX:Z74), SK Telecom Co.,Ltd (KOSE:A017670) and Advanced Info Service Public Company Limited (SET:ADVANC) for AUD 8 million on February 8, 2022. Total consideration of AUD 8 million, will be settled via the issuance of new fully paid ordinary shares of iCandy when the Agreement becomes unconditional. The issue price of the Consideration Shares is approximately AUD 0.126. Consideration Shares issued are subject to a 12 months moratorium from the date of issuance. The existing shareholders of Digital Games(Storms) will also have a Put Option to sell the remaining 49% of Storms to iCandy, which will be similarly settled via the issuance of new Shares of iCandy. Storms in its financial period ending December 31, 2021, has approximate revenues of AUD 4.3 million and in its balance sheet approximately AUD 7.6 million of cash and cash equivalents. Storms is led by a senior and experienced management team which will join the existing iCandy management team. The completion of the acquisition is expected to occur on or before 28 February 2022. Post-acquisition, iCandy will focus on integrating and harnessing the synergies of the combined businesses to drive accretive value for shareholders.

iCandy Interactive Limited (ASX:ICI) completed the acquisition of a 51% stake in Digital Games International Pte. Ltd. from Singapore Telecommunications Limited (SGX:Z74), SK Telecom Co.,Ltd (KOSE:A017670) and Advanced Info Service Public Company Limited (SET:ADVANC) on February 28, 2022.