The move comes after the company’s debt reached $38 million and a decision to close down its Russia offices.
The “enad global 7 subsidiaries” is a company that intends to sell Innova subsidiary and relocate Toadman Interactive studio in a pull-out from Russia.
Enad Global 7, the Swedish firm that bought all of Daybreak Games in 2020, is reportedly looking to cut ties with Russia, citing a desire to have “no further exposure to continuing uncertainties in the region” – a reference to Russia’s ongoing aggression against Ukraine – and will do so by selling its subsidiary Innova and relocating its game studio Toadman Interactive out of the country.
EG7 announced its intention to sell Innova in a management buy-out (MBO) for €32 million (about $34 million USD) in a press announcement to its shareholders, while the deal is still subject to clearance from a general shareholders’ meeting and Russian regulators. In addition, EG7 will relocate Toadman Interactive, the producers of games such as EvilvEvil and Block n’ Load 2, from Russia to a new facility in Western or Eastern Europe, which will allegedly cause some of the firm’s present projects to be delayed.
In a statement, EG7’s interim CEO Ji Ham stated, “We determined that parting ways with Innova would benefit all sides.” “Our group firms outside of Russia / CIS will be unaffected by this decision.” Our first objective is to provide the Innova and Toadman teams our undivided attention as we assist them with this move.”
The Innova subsidiary is a publisher for a variety of MMOs for the CIS region, including titles such as Lineage II, Blade & Soul, Crowfall, and Black Desert. The structuring of the company’s sale as an MBO is described by EG7 as a way to “ensure the continuance of its ongoing business operations under the strong leadership of the existing management team and secure the talented team of local employees.”
• In a move away from Russia, EG7 plans to sell the Innova subsidiary and transfer the Toadman Interactive studio. Wargaming would incur “significant losses” as a result of its decision to leave Russia and Belarus. In the most recent PLEX for Good charity campaign, EVE Online gamers collected over $500K for Ukraine. In Russia and Ukraine, international sanctions have caused a financial snarl for independent game developers on Steam. • Since Russia’s invasion of Ukraine, War Thunder’s chat has been blocked for a month. Albion Online’s gamepad functionality has been tweaked, and Russia-themed guild emblems have been removed. Fortnite and its community have already contributed over $100 million towards relief efforts in Ukraine. The profit giving initiatives of Fortnite have now collected $50 million for Ukrainian relief. New World seems to be preventing gamers from operating in Russia and Belarus. Doctor Strange has been added to Fortnite’s new season, as Epic Games raises millions for Ukraine help. Payments from Russia have been restricted, according to the Lord of the Rings Online company. Niantic suspends Pokemon Go and Ingress in Russia and contributes to Ukraine’s relief efforts • EVE Online studio CCP Games will run a PLEX for Good charity campaign for Ukraine • Destiny 2’s Bungie halts sales to Russia, Gamigo begins Ukraine charity initiative in multiple MMOs • EVE Online studio CCP Games will run a PLEX for Good charity campaign for Ukraine • Itch.io’s Bundle for Ukraine, Cyberpunk 2077 review bombing, and Twitch withholds pay to Russian streamers • Activision-Blizzard ends sales to Russia and promises assistance for Ukraine • EA and Microsoft announce the cessation of sales to Russia, while Hi-Rez reroutes Russian proceeds to Ukrainian help Ukraine asks game publishers to stop allowing Russians to compete in esports • Zenith’s Ramen VR joins the chorus of MMO firms that have donated to help Ukraine Neverwinter’s parent company contributes $2 million to Ukraine, while the International Game Developers Association (IGDA) calls on the industry to condemn the invasion. • Conan Chop Chop is out today, and Funcom is donating $100,000 to the Ukrainian Red Cross. • • Wargaming donates to the Ukrainian Red Cross and fires an anti-invasion developer In solidarity of Ukraine, Elder Scrolls Online users hold in-game peace walks around Cyrodiil. In light of the invasion of Ukraine, Battlefield 2042 has removed the Russian helicopter award. The game business responds to the Ukraine situation, according to the MMO Business Roundup.
The “eg7 daybreak” is a gaming company that intends to sell Innova subsidiary and relocate Toadman Interactive studio in a pull-out from Russia.
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