Wiggin and Dana Advises Starbreeze AB in Acquisition of Orange Grove Media
Wiggin and Dana represented Starbreeze AB (NASDAQ OMX), a Swedish-based creator, publisher and distributor of video games and other entertainment products, in the negotiation of a definitive agreement to acquire Orange Grove Media, an independent studio based in Los Angeles. The acquisition, which brings with it a team of 20 highly-skilled developers to support Starbreeze's U.S. operations, was structured to include the issuance of shares of Starbreeze's publicly-listed stock. The total consideration of the acquisition amounts to 3.6 million "B-shares" of Starbreeze, equivalent to approximately MSEK 59.4 (USD 7.2 MUSD). The transaction is expected to close by June 30, 2015.
Advising Starbreeze in the transaction were Corporate partner David B. Schaffer, Tax partner Peter H. Gruen, Tax associate Jennifer Bell Levine and Corporate associate Christelle Dorcil.
For more information about the transaction, please see the press release issued by Starbreeze here.