RightBridge Ventures

Rightbridge Ventures Group has entered into a term sheet with the shareholders of OV entertainment LTD regarding the acquisition of 51% of the shares in Oceanview with an option to acquire the remaining 49% based on agreed EBITDA results for 2024. Rightbridge and Oceanview share the same vision for the games and entertainment market, especially with IP management, AAA dev and the animation capabilities. The transaction creates opportunities within the gaming development and film industry which is in line with the communicated focus areas and strategy of Rightbridge. 

The initial consideration payment for Oceanview amounts to 102 MSEK where 21 MSEK will be paid in cash and 81 MSEK will be paid in newly issued shares in Rightbridge subject to approval by the EGM. The shares will be issued at a share price of 0,08 SEK per share. Rightbridge intends to do a capital increase of a maximum 150 MSEK that will cover both payment of the consideration of 21 MSEK and strengthening the balance sheet for further acquisitions.  The cash consideration will be paid up to four months after closing to the sellers. Rightbridge intends to take on a short-term loan to bridge the financing until the acquisition is completed. 

“This transaction represents a transformational opportunity for Rightbridge where we now have the chance to acquire one of the largest game studios in LATAM. This acquisition not only takes Rightbridge into profitability but shows our strength in building our crossmedia ecosystem with evident synergies. We have supportive competencies across our group, particularly in IP management, gaming development, technology platforms, and consultancy services. Anticipating positive outcomes from the merger as early as quarter three this year, this development strongly reaffirms our previously communicated strategy, which prioritizes leveraging synergies within the group.” says Claes Kalborg, CEO of Rightbridge. 

For further inquiries, please contact:

Claes Kalborg - CEO Rightbridge Ventures Group AB

Phone: +46 73 444 55 07

E-post: Claes.Kalborg@rightbridge.se

Mads Jorgensen - Chairman of the board

Phone: +45 28 97 15 75

E-post: mvj@bluehorizoninvestment.com

About Rightbridge Ventures:

RightBridge Ventures is a compounder and investment company based in Stockholm (Sweden) dedicated to investing in companies that shape the future of esports and gaming as part of the digital media and entertainment industry. For more information visit www.rightbridge.se.

RightBridge Ventures Group AB (publ)'s shares are traded on the Nasdaq First North Growth Market, and the company's certified adviser is Corpura Fondkommission AB.

DISCLOSURE

This information is such that RightBridge Ventures Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the above contact person, on 2024-04-11 at 7.32 am