Fragbite Group Sells Playdigious for €10.5 Million, Retains Revenue Share from PC Games
Fragbite Group sells Playdigious for €10.5 million, keeping revenue streams from existing PC games amid a strategic shift towards cryptocurrency investments.
- • Fragbite sells all shares in Playdigious for €10.5 million (approx. 115 million SEK).
- • Sale is on a cash and debt-free basis.
- • Fragbite retains 90% of net revenues from existing PC games under Playdigious Originals.
- • Fragbite is transitioning into cryptocurrency ownership with a 200 million SEK financing deal.
Key details
Fragbite Group, a Swedish mobile gaming and e-sports company, has agreed to sell all shares in its largest subsidiary, Playdigious, for €10.5 million (approximately 115 million SEK) on a cash and debt-free basis. This significant sale marks a strategic move for Fragbite as they divest from direct ownership of Playdigious while continuing to benefit financially from its existing game portfolio. According to a press release, Fragbite will retain 90% of the net revenues generated from current PC games under the Playdigious Originals business unit, ensuring ongoing income streams from past IPs.
This transaction comes as Fragbite shifts its corporate focus. Concurrently, the company is entering the cryptocurrency space by signing an Equity Line of Credit (Eloc) financing agreement valued at up to 200 million SEK with Alumni Capital. The four-year facility will support Fragbite's transition from a gaming company to one that invests in cryptocurrency holdings.
The sale of Playdigious provides Fragbite with immediate capital while the retained revenue share allows continued earnings from the subsidiary’s established games, reflecting a dual strategy of capitalizing on current assets while pivoting into new investment avenues.