iCandy Interactive Limited (ASX:ICI) signed a binding agreement to acquire 22.5% stake in Flying Sheep Studios Gmbh for €0.6 million on June 8, 2022. The consideration €0.4 million will be paid in cash and icandy will issue 4,606,549 new fully paid ordinary shares of worth 0.4 million. The Consideration Shares are to be issued to the Founders in 12 equal tranches over a period of 3 years, with the first tranche being issued within 15 business days after the Closing Date. The three Founders of Flying Sheep Studios have each signed a 3-year management contract to continue to lead Flying Sheep Studios post-acquisition. The Founders of Flying Sheep Studios will collectively be given 500,000 unlisted options (“Options”), to be granted within 15 business days from the Closing Date. Each Option shall grant the right to acquire one iCandy Group share at a strike price of AUD 0.125, and shall expire on 5 April 2027. The transaction is subject to completion of due diligence on Flying Sheep Studios. For the year ending December 31, 2021 Flying Sheep recorded revenues of more than €0.321 million. The transaction is expected to close within second quarter of 2022.