THQ Nordic Acquires Gunfire Games, Milestone; New Saints Row Game in Development, While Dead Island 2 Changes Studio Again

Aug 14, 2019
Submit

THQ Nordic published its Q1 2019 financial report this morning. The finance team will analyze it later, but in the meantime, there were some rather big game-related announcements that were posted alongside the financials.

To begin with, THQ Nordic once again acquired a bunch of new studios, the biggest ones being Gunfire Games (Darksiders III, Chronos, Remnant: From the Ashes) and Milestone (MotoGP, MXGP, Ride).

Monkey King: Hero Is Back Gamescom 2019 Preview – Journey To The Unknown

The purchase price for Gunfire Games won't be disclosed, as per the press release, though THQ Nordic did clarify it expects to recoup costs of the acquisition within three to four years. The company also stated the intent to support the team's 'exciting future pipeline' starting with Remnant: From the Ashes, even though that game is published by Perfect World Entertainment.

Lars Wingefors, CEO of THQ Nordic AB, said in a statement:

With the acquisition of Gunfire Games, we are strengthening THQ Nordic’s footprint in the US and are adding an experienced and talented development team that we know very well from having collaborated on Darksiders. Gunfire will contribute with premier development expertise to the group with realizable synergies from day one. It is with great anticipation of future projects we now welcome the team to the THQ Nordic family.

David Adams, CEO of Gunfire Games, added:

Having worked together on the development of Darksiders, we are confident that becoming part of THQ Nordic is a great next step for Gunfire. I believe that the experience and publishing capabilities of THQ Nordic will be important in supporting our growth journey and enabling us to continue doing what we love – making great games. We are excited to continue working together going forward.

The Italian studio known for racing games, on the other hand, was acquired through subsidiary Koch Media for an upfront purchase price of €55.8 million with an additional earn-out consideration (based on earnings before interests or taxes, or EBIT) that can guarantee up to additional €37.6 million.

Lars Wingefors, CEO of THQ Nordic AB, said in a statement:

Darksiders Genesis Preview – Darksiders Goes Diablo

Milestone has developed racing games for 25 years now and is leading the two-wheel racing game genre today. With 50 developed games since inception, 8 million copies sold since 2013 and five games under development I am convinced that Milestone will see continued success in the future. I am thrilled to welcome Luisa and her experienced team to the THQ Nordic group.

Luisa Bixio, CEO of Milestone, added:

As one of the leading companies in the racing games industry, we have assembled an experienced team and a large and growing portfolio of titles that we believe will fit perfectly with, and benefit from, THQ Nordic’s network of development studios and publishing capabilities. We are very happy to become part of THQ Nordic and look forward to continuing our growth journey together.

Lastly, Wingefors also provided a significant update on the status of upcoming Deep Silver titles. Volition was said to be in 'deep development' of a brand new Saints Row game, while Deep Silver Dambuster (Homefront: Revolution) will now take the reins of the Dead Island franchise as well as the development of Dead Island 2, which changes hands for the second time after passing to Sumo Digital from Yager.

Timesplitters fans also have cause to rejoice as one of the series creators, Steve Ellis, will now take care of 'charting the future course of the franchise'. Hopefully, that means either a remake or a new installment is underway.

Overall, it's fair to say THQ Nordic continues to do some of the boldest moves in the games industry. In the previous two quarters alone, they acquired Piranha Bytes (ELEX) and Warhorse Studios (Kingdom Come: Deliverance). This February, they raised $225 million specifically to continue acquiring studios and IPs, which suggests they're far from done.

Submit