Embracer Group Mergers and Acquisitions Presentation Deck
Acquisition Rationale
Strategic move into transmedia that adds expertise within publishing comics, production of
film and TV series.
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Deal Structure and Acquistion Rationale
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Big IP library and well-oiled pipeline: Dark Horse owns or controls a vast number of
properties through their comic book publishing. This type of transmedia company fits perfectly
within Embracer Group.
30 years in business: Diverse business with strong presence in comic books/graphic novels
and film/tv-series. Years of IP investment position Dark Horse to further monetize its library
across platforms in the near-to-long-term
Games based on Dark Horse IP: Lot of untapped potential in bringing Dark Horse's
properties to games. Represents a potential upside and synergies within Embracer
Group. The companies are already working together.
Dark Horse is a platform for the best content creators in the world. Perfect opportunity to
match content creators with game developers
Opportunity for transmedia collaboration - e.g. comics that supplement or pre-date release
of major games or art books to be bundled with Embracer games as deluxe editions
Greater access to film/TV for Embracer content - Dark Horse has relationships with
studios, talent and writers that can bring Embracer IP over to screen media
Transaction terms and financial
contribution
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EMBRACER+
GROUP
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Net Sales 2021- SEK 900 million with SEK 130 million of operational
Ebit. Forecasted to generate operational EBIT of SEK 140-180 in
FY22/23 and SEK 170- 200 million in FY 23/24. This figures excludes
any commercial synergies or planned M&A.
80% of the shares of Dark Horse are acquired from a seller based in
Hong Kong. Remaining 20% of shares will be acquired from founder
and CEO, Mike Richardson and COO Neil Hankerson. Both are
committed to stay with the company. Post transaction business will
remain as usual and there is no planned restructuring.
Purchase Price
Due to commercial reasons the specific transaction terms are not disclosed.
The transaction will be accretive to adjusted earnings per share.
Completion of Transaction
The transaction is subject to certain customary conditions, including merger
control approval, and is estimated to be completed by the end of January
2022.
Dark Horse will become the 10th
operative group as a subsidiary of
Embracer Group
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