European publishing house THQ Nordic has raised in the region of SEK 2.1bn ($225m) through new share issues with the aim of funding further mergers and acquisitions.
The firm has achieved this via issuing 11m new Class B shares at SEK 190 per item, raking in $225m in the process - before costs. New investors in THQ Nordic now include First National AP Fund, Second National AP Fund and Odin Fonder.
THQ Nordic has stated that the purpose of this funding is to fuel future M&A activity as well as help the company grow faster.
"[This will] finance new acquisitions of franchises, game development studios or other assets which complement the operations, and to enable a higher rate of investment in the development of the Company," THQ Nordic said in its announcement.
THQ Nordic has been on what feels like a constant spending spree since 2013, when - as Nordic Games - it snapped up IP from the THQ fire sale after that firm went bust. CEO Lars Wingefors (pictured) bought the THQ name with $5m of his own money, something that he told us back in 2014 was the best deal he ever made.
The firm rebranded as THQ Nordic ahead of Gamescom 2016, showing no sign of slowing down its M&A strategy. No doubt the biggest fish it has landed to date is Deep Silver parent company Koch Media, which it bought for $196m in March 2018. That company helped THQ Nordic have its highest quarter to date, per the firm's financial report in May of that year.
THQ Nordic raised a further $168m in July 2018 to, you guessed it, fund future acquisitions.
When we caught up with Wingefors at Gamescom 2018, the CEO boasted of around $318m in liquid cash in the bank.
Since then, the European publisher has bought the IP for Kingdoms of Amalur from 38 Studios, Atari's Alone in the Dark and Act of War property as well as the rights for iconic vehicular blood-and-mayhem - and parental concern - simulator Carmageddon.
That's on top of buying Goat Simulator maker Coffee Stain Studios, Bugbear of Wreckfest fame in addition to Kingdom Come Deliverance studio Warhorse and Australian distributor 18Point2.
