Today THQ Nordic has confirmed they have completed the acquisition of Koch Media a mere 2 hrs after announcing they had entered into an agreement to do so for $120,000 Euro (over $190 Million AUD).
The first instalment of the consideration, EUR 66 million, equivalent to approximately SEK 658 million, has today been paid through a cash payment and the second instalment, EUR 16 million, equivalent to approximately SEK 159 million, will be paid through a cash payment no later than August 14, 2018. The third and final part of the consideration, EUR 9.5 million, equivalent to approximately SEK 94 million, will be paid by issuing promissory notes to be offset against 987,965 newly issued B shares in THQ Nordic no later than on June 15, 2018.
Koch Media will be consolidated into THQ Nordic’s financial statements from February 2018.
This purchase is a complete turn around in the story of THQ.
Years ago, THQ was one of the biggest publishers and developers in the video game industry. With licenses that ranged from Saints Row to WWE games, the future looked rosy for the company. Then it all went to hell, as the worst possible gambit revolving around a drawing tablet and several games underperforming dealt a death-blow to the publisher.
THQ went bankrupt, its properties were sold off and the legacy of that company was buried.
Until a new successor rose from its ashes that is. Having acquired numerous video game licenses, Nordic Entertainment rebranded itself as THQ Nordic back in 2016, building a new company that featured plenty of hits from the past and new titles with which to create a legacy of success.
The purchase brings titles such as Saints Row, Agents of Mayhem, Homefront, Metro and Dead Island to THQ Nordic.
THQ Nordic is convinced that the development studios of Deep Silver as part of THQ Nordic will successfully deliver at least four ongoing AAA game projects including Metro Exodus as well as the next Volition Studio AAA release and the next Dambuster Studio AAA release, together with a number of other game development and publishing titles.
