Liquid Media Group Ltd. will acquire a 100% interest in Open Nuage, a cloud gaming platform developed by Throwback Entertainment Inc., for a total consideration of US$858,750.
The consideration is payable in the form of common shares or cash at Liquid Media's discretion, according to a March 25 news release. Throwback Entertainment will be eligible for an additional issuance of common shares of Liquid Media if it meets certain performance milestones for downloads.
Liquid Media said it will leverage the acquisition to enter the cloud market and grow it further.
The companies expect the transaction to close within 60 days, subject to satisfactory completion of due diligence by Liquid Media and other customary closing conditions.
Open Nuage provides creators and entertainment companies with studio-as-a-service offerings, including a platform for publishing and developing new games.