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London-based technology investor TruFin PLC on Monday said its subsidiary Playstack Ltd has bought Magic Fuel Games Inc.
London-based games publisher Playstack has bought Magic Fuel for a total of $3 million, of which $1.5 million is payable immediately and $1.5 million is due in 12 months.
In 2021, Magic Fuel made a pretax loss of $2.1 million. At the point of acquisition, Magic Fuel had net assets of $200,000.
TruFin said that the acquisition is expected to be earnings neutral in 2022 and accretive from 2023.
Further, Magic Fuel's Chief Executive Kevin Shrapnell has been appointed as Playstack's chief operating officer.
Commenting on the acquisition and Shrapnell's appointment, Playstack's CEO Harvey Elliott said: ‘They will significantly strengthen the depth of our team and add further exciting IP to Playstack's portfolio which we believe we can help to leverage through our existing publishing channels and relationships.’
Shares in TruFin were up 3.0% to 74.70 pence each in London on Monday midday.
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