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Game publisher iCandy Interactive has acquired local studio Lemon Sky Studios, becoming the largest “pure-play game development” company in Southeast Asia and Australia.
iCandy describes the acquisition as a 100% acquisiton, meaning they own Lemon Sky in its entirety with the studio answering to the publisher.
The acquisition will be at a valuation of MYR135 million (A$44.5 million, US$32.4 million), to be fulfilled together with cash and newly issued iCandy shares.
According to iCandy, they plan to develop both casual and triple-A gaming as part of their pro-metaverse and blockchain initiatives, though they hadn’t announced any particular projects going forward.
“Lemon Sky Studios is a phenomenal acquisition and an excellent addition to iCandy Interactive. We now have this unparalleled capability in the region, we will focus a fair bit of our newly gained superpower to make high-quality games for the metaverse, arguably the most important development for the gaming world.” says Kin W. Lau, Chairman of iCandy Interactive.
He adds, “Lemon Sky Studios’ track record in creating world-class visuals for AAA games is highly regarded in the industry. To merge our expertise with a studio like Lemon Sky is truly phenomenal, and we cannot wait to see the outcome of integrating our teams,”
“Collaborative partnerships in the creative industry are pertinent to keeping things fresh and innovative. We are positive that this merger will encourage creative working methods and bring about new ideas. We are extremely excited about the possibilities that lie ahead,” said Cheng-Fei Wong, CEO of Lemon Sky Studios.
Lemon Sky Studios is a prolific local game development studio, most famously working on titles such as Warcraft 3: Reforged while also co-developing various triple-A game releases.
