Sweden’s Aonic Group has completed its acquisition of the Farnborough-based VR game developer and publisher nDreams, in a deal valued at nearly £90.3 million ($110 million). The group had previously invested £28 million ($35 million) in nDreams back in March 2022 for a minority stake in the company.
nDreams is a 250 person studio that has released several popular titles in the VR space, including The Game Awards 2023-nominated Synapse, as well as Ghostbusters: Rise of the Ghost Lord, PowerWash Simulator VR, Little Cities and more. Back in December 2022, the company acquired VR/AR studio Near Light.
Now that the acquisition deal is complete, the company and its subsidiary studios will join a roster of global gaming companies within the Aonic’s collective of mid-sized studios that includes Warren Spector’s OtherSide Entertainment, Milky Tea, Exmox and TutoTOONS.
nDreams investor Mercia Asset Management also sold its 33.2% stake in the publisher-developer as part of the buyout deal for a value of £30.2 million ($37 million). This transaction was in the form of £26.4 million ($33 million) in cash, and a new £3.8 million ($4.7 million) stake in Aonic itself.
nDreams executive leadership team will remain in their positions following the deal, and the company says that it’s ‘core focus will remain unchanged’, but that this new investment will help them out with third-party publishing and may even lead to more acquisitions.
“We set up nDreams in 2006, pivoted to focus exclusively on VR games in 2013, and we’re proud of everything we’ve achieved as an independent company,” said Patrick O’Luanaigh, CEO of nDreams. “After 18 months of working together, we’re confident we’ve found the right partner in Aonic. This is the right moment to welcome their support to strengthen our position even further, and seize this critical moment for VR and MR.”
“nDreams has done an unparalleled job bringing some of the biggest VR titles to market, and it was a natural fit for us to welcome them to the Aonic family and provide our studios with the best team when it comes to the VR/MR gaming space,” said Paul Schempp, CEO of Aonic. “This acquisition is yet another example of Aonic’s commitment to championing mid-sized studios and creating an environment where teams can create fantastic games.”