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iCandy Ltd (ASX: ICI) announces landmark acquisition of Lemon Sky Studios.

iCandy Ltd (ASX: ICI) announced a landmark acquisition through entering a Share Sale Agreement to acquire 100% of renowned Southeast Asia-based game art and animation company, Lemon Sky Animation Sdn. Bhd. (Lemon Sky Studios) for a consideration of $44.5m in cash and shares. The combined entity of iCandy and Lemon Sky Studios will create the largest gaming powerhouse of its kind in Australia and Southeast Asia, having more than 450 talented full-time employees skilled in A-Z game-making.

Following the announcement, iCandy shares rallied 3.70% to $0.14/share.

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