Aonic receives €152 million investment to fuel M&A
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Swedish games group Aonic has received €152 million ($160m) in investment for further M&A activity and to support ongoing development across its studios.
European investment firm Metric Capital Partners has pumped €100m ($105m) into the firm. Aonic majority shareholder Active Ownership, meanwhile, has contributed extra investment by converting its €52m ($55m) shareholder loan.
Aonic and shareholder Active Ownership were advised by UBS and DLA Piper. Metric was advised by Dechert, 8Advisory and Grant Thornton.
Growing games group
Aonic has snapped up a number of development, publishing and service companies since its formation in 2021. Companies it owns include virtual reality developer nDreams, user acquisition platform Exmox, ad monetisation tools provider Gravite, and mobile studios Red Games Co and TutoToons.
Its portfolio also includes OtherSide Entertainment, headed up by Warren Spector, and Megabit Publishing, among others.
The company said the investment came as it reported a 73% increase in group revenue during the past year.
It’s worth noting that Aonic announced its Megabit Publishing division at the start of the year and fully acquired nDreams in November 2023. Other acquisitions last year included Tiny Roar, Otherside Entertainment and Milky Tea.
In September, nDreams announced it was set to lay off 17.5% of its employees amid a “challenging” VR market and “tough gaming landscape”. The redundancies were said to potentially impact all levels of staff.
