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LEAF Mobile Acquires East Side Games For USD $113m (CAD $150m)

M&A | ANNOUNCEMENT DATE: 07 OCT 2020
WRITTEN BY | 10 Nov 2020
LEAF Mobile Acquires East Side Games For USD $113m (CAD $150m)
M&A

💵 Acquisition

  • Vancouver-based mobile game developer LEAF Mobile Inc. (TSXV:LEAF) has announced a LoI (letter of intent) with Vancouver-based mobile game developer and publisher East Side Games Inc.

  • LEAF is going to acquire 100% of East Side Games for CAD $150m including

    • CAD $50m in cash (~USD $38m)

    • CAD $100m in shares that represent 50% of the issued and outstanding LEAF shares (~USD $75m)

  • Considering that East Side Games possesses 20% of the issued and outstanding LEAF shares, the acquisition will result in a reverse takeover, meaning that East Side Games will become a publicly-listed company without a traditional IPO process

  • The completion of the acquisition is subject to TSX senior exchange listing approval (currently LEAF trades on the TSX Venture Exchange) and other conditions precedent. In conjunction with the transaction:

    • LEAF will also raise an equity financing with over CAD $50m gross proceeds;

    • Jason Bailey, CEO of East Side Games, will be appointed Chief Revenue Officer of LEAF;

    • Darcy Taylor and Market Leung will continue to operate as CEO and CFO of LEAF, accordingly;

    • LEAF may change its name to reflect the consequences of the transaction

🎲 Products

  • East Side Games is a mobile idle games developer behind such games as Archer: Danger Phone, Trailer Park Boys: Greasy Money, The Goldbergs: Back to the 80s and others

  • Together, all the games of the company have been downloaded about 8 million times. In September 2020, East Side Games saw about 263k downloads on IOS and Android combined

  • Both Leaf Mobile and East Side Gam specialize in mobile games that share some common cannabis-related themes

SOURCE: NEWSWIRE, INVESTOR RELATIONS LEAF

NOTE: 1 USD $ = 1.326 CAD $

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M&A
LEAF
  • Established in 2018

  • Headquarters – Vancouver, Canada

  • Team of 20+ employees

  • Founded by – Darcy Tailor, Jason Bailey

  • First-half 2020 (1H 2020) revenues exceeded CAD $14.7M, full year 2019 revenue was CAD $8.4M

  • Mobile game developer & publisher

East Side Games
  • Established in 2011

  • Headquarters –Vancouver, Canada

  • Team of 100+ employees

  • Founded by – Jason Bailey, Galan Akin and Joshua Nilson

  • Mobile game developer and publisher