![]() ![]() Warhorse will continue to act as an independent studio under Koch Media. Koch Media has a robust existing relationship with Warhorse and has acted as publisher for KC:D since 2016. KC:D is a story-driven RPG set in an open world that takes place during the Middle Ages in the 15th century. KC:D started as a project crowdfunded by a Kickstarter campaign, where over 35 000 fans partially funded the game and have been able to follow the game under development along the way. In total, their past titles have sold over 11 million copies, with many are considered to belong to the “classics” within their respective genres. The studio was founded in 2011 by industry veterans Daniel Vávra and Martin Klíma, who together with their team have an impressive track record of dozens of developed award-winning games. Warhorse is the leading game development studio behind the global success KC:D, which was released in February 2018 and has already sold over 2 million copies. On February 13, 2019, Koch Media entered into an agreement with the sellers to acquire 100 percent of the shares in Warhorse. We believe that backing by THQ Nordic will give us an extra push in our mission to bring exciting games to our customers and extend the frontiers of the gaming industry,” says Martin Frývalský, CEO Warhorse Studios. The skills of our team members, trust and support of our main investor and passion of our fans, who supported development of Kingdom Come: Deliverance through a Kickstarter campaign, helped us grow to an international level. We began as a small start-up with a handful of employees who were enthusiastic enough to join this challenging project. “Becoming part of THQ Nordic family is an important milestone for our studio. For the period January-December 2018, Warhorse generated Net Revenues1 of approximately 42 MEUR and an adjusted EBIT1 of approximately 28 MEUR.The price of the shares is based on a volume-weighted average price of 173.87 SEK per share and is associated with so-called lock-up commitments. The purchase price is allocated to 40.4 MEUR in liquid funds through the Company's existing cash and corresponding to 2.4 MEUR with newly issued B shares in THQ-Nordic. The preliminary purchase price amounts to 42.8 MEUR, corresponding to 33.2 MEUR on a cash and debt free basis.All intellectual property rights for Kingdom Come: Deliverance are included in the acquisition.The studio is based in Prague, making it THQ Nordic's first owned development studio in the Czech Republic. Warhorse is a leading game developer of RPG games for PC and Console. (" Warhorse") through its indirectly wholly owned subsidiary Koch Media GmbH (" Koch Media"). THQ Nordic AB (" THQ Nordic" or " The Company") acquires 100 percent of the shares in Warhorse Studios s.r.o.I look forward to continue working with the founders who will continue managing the studio under strong creative freedom for many years to come", says Lars Wingefors, CEO of THQ Nordic AB. Kingdom Come: Deliverance, which has now sold over 2 million copies, has been a great success since the release exactly one year ago. ”Warhorse Studios is one of the leading independent studios in Europe and I am proud to welcome them to the THQ Nordic group. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, WITHIN OR TO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, HONG KONG, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR ANY OTHER MEASURES. Warhorse’s Net Revenues in 2018 amounted to approximately 42 MEUR1, with an adjusted EBIT of approximately 28 MEUR () The purchase price amounts to 33.2MEUR on a cash and debt free basis. THQ Nordic AB's indirectly wholly owned subsidiary Koch Media GmbH has today entered into an agreement to acquire Prague based Warhorse Studios s.r.o., a leading game developer behind the successful award-winning title Kingdom Come: Deliverance. ![]()
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