Trilegal Advises Stillfront on One of Biggest M&A Deals in Gaming Sector in India

Trilegal has advised Stillfront, a Swedish gaming studio, on its acquisition of 100% of the shares in Moonfrog Labs Private Limited, an India-based mobile gaming player.

The transaction involves the initial acquisition of 91 % of the shares in Moonfrog, completion of which is expected to occur on 26 February 2021. Upon completion of the First Tranche, USD 90 million on a cash and debt free basis will be paid in cash to the sellers as the Initial Consideration. The remaining 9% of the shares in Moonfrog are acquired through the Deferred Tranches.

Carnegie Investment Bank is financial advisor, DLA Piper and Trilegal are legal advisors and EY is financial and tax due diligence advisor to Stillfront in connection with the transaction. Oakvale Capital is financial advisor, Shardul Amarchand Mangaldas & Co and AZB & Partners are legal advisors, and Dhruva Advisors and PwC are tax advisors to the sellers in connection with the transaction.

Trilegal team on the deal: TMT team: Nikhil Narendran (Partner), Jishnu Sanyal (Senior Associate), Aparajita Lath (Associate), Krati Hashwani (Associate), Cheta Sheth (Associate), Corporate team: Clarence Anthony (Partner), Nidhi Singla (Associate), Aditya Ravishankar (Associate), Employment and Labour team: Swarnima (Partner),  Sachin Arora (Associate), Pragya Goyal (Associate).