Funcom enters into joint venture and secures financing in a private placement
Funcom has recently entered into an agreement with Cabinet Group LLC, a Los Angeles based entertainment group, to establish a joint venture that shall hold all the interactive video gaming intellectual property rights based on the works by Robert E. Howard which is held currently by the Cabinet Group. The IP portfolio of Cabinet Group includes Conan the Barbarian, Solomon Kane and Mutant Chronicles. Cabinet Group will in connection with the transaction acquire 22,3 million shares in Funcom.
The joint venture company will be a Norwegian company with apportioned liability (Delt ansvar, DA).
Funcom has also completed a private placement directed towards funds managed by Swedbank Robur for gross proceeds of approx. NOK 88 million.
The transactions are expected to be completed in February 2018.
CLP has assisted Funcom in Norwegian law matters related to the joint venture and the private placement. CLP’s core team on the matter consists of Andreas Kildal, Eivin Johnsrud and Joakim Gjerde.
Further information may be found here.