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The Estonian OÜ Blite Fund sold 50.01% of shares in Incuvo, a company listed on the NewConnect market, which specialises in the production of games for virtual reality (VR) platforms. Incuvo has produced VR editions of Bloober Team games “Layers of Fear” and “Blair Witch”. It is currently working on a VR version of “Green Hell”, a game from the Creepy Jar portfolio.
The controlling stake was sold for nearly PLN 20 million. Under the agreement, OÜ Blite Fund will also receive an additional amount of up to approx. PLN 11.6 million; the final amount depends on the profit generated during the reference period by Green Hell VR, a game developed and distributed by Incuvo, and its rating according to Metacritic.
The shares were purchased by PCF Group, which runs People Can Fly, an AAA game studio.
“This is another interesting recent transaction on the video game developer market, in which we have consistently supported our clients. We are keeping our fingers crossed for the success of the Green Hell VR project and trust that both parties achieve their goals.”
Our support included comprehensive legal assistance with the transaction to the seller, OÜ Blite Fund. The transaction was led by Piotr Jackowski in DZP’s Capital Markets and Financial Institutions Practice with the support of Filip Lisak. All the services were supervised by Andrzej Foltyn, Head of Practice.
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