May 19, 2020 – Bublar Group AB has today confirmed that the company’s Board of Directors has decided to carry out the acquisition of Goodbye Kansas, a studio that provides visual effects, digital animation and motion capture services for movies, game trailers and commercials. The terms of the transaction are fulfilled as owners to over 90 percent of the shares in Goodbye Kansas Holding AB and the required level of creditors to the company have accepted the offer. By reaching these conditions, the directed share issue, which was announced by the company at the end of April, can be completed.
“I am pleased to say that we are now one of the major players in XR technology and visualization. By further developing our products and solutions in an already strong market, we are now continuing our growth strategy”, said Maria Grimaldi, President and CEO at Bublar Group.
Bublar states that Goodbye Kansas has a “world class reputation” and its customers include many leading international companies in film, gaming and streaming. The company added that the acquisition provides Bublar with the opportunity to create a “world-leading player in XR technology and visualization.”
Bublar’s Board of Directors has decided to extend the acceptance period for the offer until May 27, in order to allow the remaining shareholders to accept the offer. The transaction is conducted as a non-cash issue in which Goodbye Kansas shareholders and creditors are offered 16.4 million shares in Bublar in fixed consideration and up to two profit-based additional considerations in the form of a maximum of 33.9 million shares to be distributed in 2020 and 2021. In addition to the non-cash issue, a directed share issue in Bublar Group has also been carried out of approximately SEK 50 million (approximately USD $5.16 million), of which the majority will be contributed as working capital for Goodbye Kansas.
More information regarding the transaction can be found in the ‘Presentation Offer Goodbye Kansas’ (in Swedish) on Bublar’s website.
Image credit: Bublar