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Blockchain game and NFT developer Animoca Brands has acquired a 100% stake in independent game developer Blowfish Studios

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Animoca Brands will make an upfront payment of approximately $6.6 million

Animoca Brands, a blockchain game and NFT developer, announced on July 30 that it has acquired 100% of Blowfish Studios, an independent game developer, for a $9 million (us $6.6 million) upfront. And will pay up to A $26 million (us $19.2 million) based on specific employment and performance targets. Blowfish is the developer of Siegecraft® and publisher of Winter Ember. Upon completion of the acquisition, Blowfish's management will continue to operate the company, working closely with Animoca Brands to coordinate efforts on blockchain integration, homogenization tokens, NFT, profitability, synergy opportunities, and product launches.

Blowfish Studios(" Blowfish "for short) is an award-winning Sydney-based indie game developer and publisher with high quality multi-platform games including Qbism, Siegecraft, Morphite, Projection: First Light and Storm Boy.

Animoca Brands Limited has acquired 100% of the issued capital of Fugu Raw Pty Ltd(" Blowfish Studios ") for an upfront consideration of A $9 million, Includes A $4 million in cash and a $5 million in Animoca Brands common shares paid in full. In addition, Blowfish co-founders Messrs Benjamin Lee and Aaron Grove will continue to work at Blowfish for two years after the acquisition, and the company will pay up to A $1 million in cash and a $5 million in shares. Finally, the acquisition includes performance-based revenue payments of up to A $20 million, subject to the achievement of certain earnings targets in 2022 and 2023.