Leyou Technologies Holdings, a Hong Kong Stock Exchange-listed company, acquired 39 per cent of Digital Extremes, a video game developer based in London, Ontario, on May 20, 2016, for US$65 million. Leyou Technologies previously acquired 58 per cent of Digital Extremes in July 2015 from the same founder and employee shareholder group for total consideration of US$69.6 million, at which time Perfect World (a leading online game developer and operator based in Beijing, China) acquired 3 per cent. The acquisition of the remaining 39 per cent of Digital Extremes by Leyou Technologies was conducted pursuant to a call option granted as part of the first acquisition transaction in July 2015. In aggregate, Leyou Technologies acquired 97 per cent of Digital Extremes for total consideration of US$134.6 million.
A team at Bennett Jones LLP, led by Ian Michael (corporate) and including Simon Grant and Ryan Baker (corporate) and Martin Sorenson (tax) advised Leyou Technologies on Canadian matters alongside Hong Kong counsel to Leyou Technologies, Orrick, Herrington & Sutcliffe, with a team led by Maurice Hoo (corporate) and including Connie Cheung and Colin Au (corporate).
Karen McKay, a partner at Harrison Pensa LLP represented Digital Extremes Limited and the vendors.