Leaf Mobile has confirmed the acquisition of East Side Games for CAD $159 million (USD $125 million).
The deal includes an initial payment of $19 million in cash and more than 444 million shares of Leaf Mobile stock, which until now has been traded on the TSX Venture Exchange.
The remaining value of the deal is tied to Leaf Mobile’s revenue targets for the years ending February 5, 2022 and February 5, 2023.
Leaf Mobile also announced that, following the acquisition, it will start trading on the Toronto Stock Exchange — effective from the markets opening on February 10, 2021.
East Side Games will continue to operate under the same name as a wholly owned subsidiary of Leaf Mobile. Both companies are based in Vancouver, Canada.
Once the deal is finalised, East Side Games chief product officer Jason Bailey will serve as chief revenue officer for Leaf Mobile. Bailey will also join Leaf’s board of directors.