THQ Nordic AB Acquires Warhorse Studios: Investor Presentation

THQ Nordic AB finalized the acquisition of Warhorse Studios on February 13, 2019, to integrate the developer’s award-winning intellectual property and creative talent into its global portfolio. The transaction, valued at an enterprise value of EUR 33.2 million, was structured with a total purchase price of EUR 42.8 million, consisting of EUR 40.4 million in cash and EUR 2.4 million in THQ Nordic B shares. This strategic move aims to leverage Warhorse’s proven expertise in immersive, story-driven role-playing games to drive long-term profitable growth.

The acquisition centers on the success of the title Kingdom Come: Deliverance, which sold over 2 million units within its first year of release across PC, PlayStation 4, and Xbox One. Financial performance for 2018 highlighted the studio’s profitability, with net revenue reaching EUR 42.0 million and an adjusted EBIT of EUR 27.8 million, representing an EBIT margin of approximately 61 percent. These results were achieved by a team of 120 full-time employees based in Prague, led by industry veterans with extensive experience in game development and world-building.

Following the acquisition, the studio maintains its operational independence to foster creative freedom while benefiting from THQ Nordic’s publishing infrastructure. The management team has committed to the studio’s future, with plans to commence development on a new, large-scale unannounced project in the second half of 2019. By securing this asset, THQ Nordic strengthens its position in the RPG market, capitalizing on a studio that has demonstrated both critical acclaim and strong commercial momentum since its founding in 2011.