Surprising news coming out of Italy this evening as Italian Digital Bros Group have bought Kunos Simulazioni, the studio behind Assetto Corsa.
Aside from a statement only available in Italian at the moment (see translation below), concrete info on this deal is sparse right now as it is not known how this move will affect the current Kunos Simulazioni staff or the future of Assetto Corsa.
All that’s confirmed right now is that Digita Bros have acquired full ownership of Kunos Simulazioni and its assetts, including Assetto Corsa.
Based in Milan, Italy, Digital Bros is the parent company of 505 Games, the publisher that Kunos Simulazioni joined forces with to create the console versions of Assetto Corsa.
Find the (Google translated) official announcement below, details will be added to the story as they emerge.
Update: A statement from Kunos has been released here.
Digital Bros will acquire 100% of Kunos Simulations
The Board of Directors of Digital Bros, listed on the Star segment of the Italian Stock Exchange and active in the digital entertainment sector, which met today approved the signing of an investment agreement having as its object the acquisition of 100% of the capital Kunos Simulations .
The Board of Directors of Digital Bros, listed on the Star segment of the Italian Stock Exchange and active in the digital entertainment sector, which met today approved the signing of an investment agreement having as its object the acquisition of 100% of the capital Kunos Simulations Srl, Italian developer Assetto Corsa. In the same session were also identified the beneficiaries of the options of the “Stock Option Plan 2016-2026” (the “Plan”), recently approved by the shareholders, the quantities of options granted, the exercise window and the unit price subscription.
Acquisition of 100% Kunos Simulations srl
Kunos Simulations srl It is an Italian company based in Formello (RM), which has all the latest years of experience in the construction of simulators for the main Italian automotive companies. Following this experience has developed and launched during 2014 Assetto Corsa, a video game that was a great success with critics and audiences in the Steam PC versions, Sony PlayStation 4 and Microsoft Xbox One, with over 1.4 million copies sold worldwide to date. 505 Games, the division of the Digital Bros Group that deals with international publishing of video games, has during 2015 signed a publishing agreement the console versions. Assetto Corsa puts to players 150 cars, reproduced in every aspect, from the most prestigious global automotive brands such as Alfa Romeo, Audi, BMW, Ferrari, Porsche and many others. Through the use of laser scan technology, every detail of the most famous tracks in the world has been reproduced with the utmost level of accuracy making the game a true sports driving simulation. With this acquisition, the Digital Bros Group intends to grow more and more as a publisher and developer of games able to collect worldwide success and be always ready to meet the demands of an increasingly demanding public. The acquisition allows full control of the intellectual property and the opportunity for the Group to invest in the future development of new versions of Assetto Corsa benefiting from an extremely well-positioned brand in the world market for video games. The fact that the Group already owns the publishing rights of Assetto Corsa for the console version also involves synergies in terms of brand positioning and optimization of advertising investments at a time when the rights are to be held entirely by the Group.
The transaction involves the acquisition by Digital Bros S.p.A. 100% of the shares of Kunos Simulations srl entity held by the two founders Stefano Casillo and Marco Massarutto being equal, for a total nominal value of Euro 4,341,500 Euros that will be paid as follows:
EUR 1,375,000 entirely in cash on the date of execution
EUR 1,375,000 entirely in cash within one year from the date of execution;
EUR 1,591,500 by issuing 150,000 new ordinary shares of Digital Bros at a unit price of 10.61 Euro at the arithmetic mean of the shares of Digital Bros reference prices for the last six months. The issue will be subject to the approval of the Shareholders’ Meeting called for March 13.
In the absence of financial data of Kunos Simulations srl December 31, 2016, pricing was made by assuming a net assets at the same date amounted to $ 10,000, of any changes to this value will be an increase or decrease in the second installment of cash payment. Kunos Simulations srl realized during the year to 31 December 2015, the last available financial statements, revenues of 3.3 million euros and a net profit of 1.7 million euros. Shareholders’ equity at 31 December 2015 amounted to 3.1 million euros. No special form of financing has been provided for the operation which will therefore be financed through the existing credit lines and whose execution date is expected by April 30, 2017. The agreement is binding on the parties and is subject to a condition precedent the effect of any significant findings that may emerge from the due diligence process to be put in place as soon as the financial data at December 31, 2016 will be available as well as at the positive resolution of the Shareholders