Shares of OnMobile Global shot up by a whopping 14% on Friday morning as the company announced that it has entered into an agreement to acquire 100% shares of Appland AB.
”The object and effects of the acquisition is to become a market leader in fast-growing mobile games market and expand our games footprint in all continents” On Mobile announced in a press release on Thursday afternoon.
The cost of the acquisition will be ~$15mn and will be paid in two or more tranches including an earn out portion, as per the BSE filing.
OnMobile also announced that Jonatan Redvik, CEO and Founder of Appland, will take up the Vice-President role of its newly-formed Games Subscription Business Unit (GSBU) and Appland’s CTO Henrik Lewander would assume the role of CTO of GSBU.
Appland AB is a pioneer in cloud-based mobile distribution and monetisation company headquartered in Gothenburg, Sweden. Appland today provides premium games and kids apps as a white-labeled subscription service to more than 80 carriers in over 40 countries.
OnMobile Global Ltd is currently trading at Rs35.95 up by Rs3.85 or 11.99% from its previous closing of Rs32.10 on the BSE. The scrip opened at Rs33.15 and has touched a high and low of Rs37.70 and Rs33.15 respectively. So far 5,86,378 (NSE+BSE) shares were traded on the counter.