Glu Mobile sells off Russian studio for $2.8m

Glu Mobile has sold its Moscow-based game studio to Saber Interactive, in a deal worth $2.8m.

The deal sets out that Glu will receive $2.8m plus whatever cash is in the Russian studios bank accounts as of the closing date of the deal. They’ll also receive $1.3m prior to January 10, with the remaining $1.5m due upon completion of the transition.

Under the terms of the deal Glu will receive $2.8 million plus the amount of cash that remained in the Russian arm’s bank accounts as of the closing date of the deal. $1.3 million will be payable prior to January 10th, while the remaining $1.5 million is due upon completion of the transition. Staff will also be eligible for bonus payments from Saber Interactive, up to $500,000.

Glu will retain the rights to several titles developed at the studio, keeping hold of Deer Hunter 2017, Contract Killer Sniper and Frontline Commando D-Day.

Several in-development titles will be sold by Glu to My.com for $200,000. These titles are an unannounced celebrity game, Last Day Alive, Heroes of Destiny and Furiosa.

The studio employs around 120 staff, and currently no redundancies are expected, with all employees being put to work under the new owners.

Glu has had a rough year, with numerous layoffs and studio closures over the last 18 months, but it appears the downsizing has stemmed their problems, with their last quarterly report indicating much higher revenues (58%) and profits of nearly $50m.

Saber Interactive has agreed not to "commercially exploit any mobile games that primarily involve hunting deer and/or other animals, subject to limited expectations" for the next five years.

Source: PocketGamer.Biz