Mobile gaming company iCandy Interactive (ASX: ICI) has announced it will divest its wholly-owned subsidiary iCandy Digital Pte Ltd to Sweden’s RightBridge Ventures AB in return for a 25% share in the esports investment company.
As consideration for the divestment, iCandy will receive approximately 17.3 million Rightbridge shares to the value of $4.8 million and will have the option to purchase an additional 2.2 million shares at nominal value.
A holding of 19.5 million shares would take iCandy’s stake in Rightbridge to approximately 25% once it lists on the Swedish stock exchange this year.
Fatfish Group link
Stockholm-based RightBridge is a subsidiary of iCandy shareholder Abelco Investment Group AB, which in turn is a subsidiary of technology venture capital firm Fatfish Group (ASX: FFG).
Fatfish invests in companies that shape the future of esports and videogames as part of the global digital entertainment industry, and has some of the industry’s senior executives on its board of directors.
The Abelco link has seen the divestment deemed a related-party transaction, which will require iCandy shareholder approval at an extraordinary general meeting.
Abelco will be excluded from voting at that meeting.
Further to today’s news Fatfish previously announced the Source…