Asmodee unit enters 900 mln eur financing agreement (Il Sole 24 Ore Radiocor) - Stockholm, 22 Apr - The Swedish video game and media holding company Embracer said that it will be split into three companies.

One company will be called Asmodee Group. The group gave the temporary names Coffee Stain & Friends and Middle-earth Enterprises & Friends to the other two businesses.

Shares of Asmodee and Coffee Stain & Friends are intended to be distributed as a dividend to the shareholders of Embracer Group and listed on Nasdaq Stockholm, it said.

Middle-earth Enterprises & Friends is intended to remain within the current listed company Embracer Group, which will subsequently be renamed.

The listing and distribution of shares in Asmodee is expected to take place within 12 months and the listing and distribution of shares in Coffee Stain & Friends during calendar year 2025, it added.

Embracer Group has, through Asmodee, entered into a new financing agreement amounting to 900 million euros. The proceeds from the financing are used to repay existing debt and reduce leverage in the remaining Embracer group, it added.

The group's largest shareholder, Lars Wingefors AB, intends to form a new long-term ownership structure, including the its stake of 20% of capital and 40% of votes in Embracer, and "will remain a long-term, active, committed and supportive owner of all three entities," it noted.

Shareholders representing more than 50% of the capital and votes in Embracer have expressed support for the transformation plan, the group added.

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(RADIOCOR) 22-04-24 11:53:50 (0294) 5 NNNN