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12 September 20213 minute read

DLA Piper acts for Stillfront in its acquisition of Jawaker

DLA Piper has acted for the Sweden based group of gaming studios Stillfront Group AB (publ) in connection with entering into an agreement to acquire 100% of the shares in Jawaker FZ LLC for a total upfront consideration of USD205 million on a cash and debt free basis. The purchase price is to be paid partly in cash and partly in new issued shares in Stillfront, which are listed on Nasdaq Stockholm. In addition, earn-out consideration may be paid for the coming five years.

Jawaker, a leading mobile gaming studio in the MENA region, founded in 2009, holds one of the largest classic PvP (Player versus Player) gaming apps in the world, with a focus on board & card games and other popular games specific to the region. Jawaker is headquartered in Abu Dhabi, the UAE. To finance a part of the transaction, Stillfront has raised additional equity through a directed share issue of SEK1,000 million.

DLA Piper's team has consisted of lawyers from the offices in Sweden, the UAE and the UK. The transaction was led from Sweden by Peter Ihrfelt and the Swedish team consisted of a large number of people, including Peder Grandinson, Anna Berntorp, Erik Brändt Öfverholm, Therese Pekkanen, Lisa Brink, Björn Torsteinsrud, Rebecca Fallberg and Philip Thorell. The UAE team consisted of Thérèse Abou-Zeid, Philippe Habib and Fawzi Zeini. The UK team consisted of Andrew Davies and Laura Marcelli.