Stillfront’s Acquisition of Shares in Moonfrog Labs Private Limited


Trilegal advised Stillfront on the transaction.

Stillfront completed the acquisition of 100% of the shares in Moonfrog Labs Private Limited, an India-based mobile gaming player.

The transaction involves the initial acquisition of 91 % of the shares in Moonfrog, completion of which is expected to occur on 26 February 2021. Upon completion of the First Tranche, USD 90 million on a cash and debt free basis will be paid in cash to the sellers as the Initial Consideration. The remaining 9% of the shares in Moonfrog are acquired through the Deferred Tranches.

Stillfront is a Swedish gaming studio and a market leader in the free-to-play online strategy games genre.

Carnegie Investment Bank was financial advisor, DLA Piper and Trilegal were legal advisors and EY was financial and tax due diligence advisor to Stillfront in connection with the transaction.

Oakvale Capital acted as financial advisor, Shardul Amarchand Mangaldas & Co and AZB & Partners were legal advisors, and Dhruva Advisors and PwC were tax advisors to the sellers in connection with the transaction.

The Trilegal team consisted of Partner Nikhil Narendran (Picture), Jishnu Sanyal (Senior Associate), Aparajita Lath (Associate), Krati Hashwani (Associate), Cheta Sheth (Associate), Corporate team: Clarence Anthony (Partner), Nidhi Singla (Associate), Aditya Ravishankar (Associate), Employment and Labour team: Swarnima (Partner), Sachin Arora (Associate), Pragya Goyal (Associate).

Involved fees earner: Clarence Anthony – Trilegal; Sachin Arora – Trilegal; Pragya Goyal – Trilegal; Krati Hashwani – Trilegal; Aparajita Lath – Trilegal; Nikhil Narendran – Trilegal; Aditya Ravishankar – Trilegal; Jishnu Sanyal – Trilegal; Cheta Sheth – Trilegal; Nidhi Singla – Trilegal;

Law Firms: Trilegal;

Clients: Stillfront Group AB;

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Author: Michael Patrini