GCA Altium is now part of Houlihan Lokey

Transaction Details

June 1, 2018


Digital Media and Media

Deal Type


Deal Value


Deal Team

Henrik Sundberg, Rickard Raudsepp

Avalanche Studios sold to Nordisk Film

Unique technology and game engine, producing popular and award-winning video games

Avalanche Studios is a Swedish video game developer founded in 2003 by Linus Blomberg and Christofer Sundberg. They create games based on their unique, proprietary technology, the Apex – Avalanche Open World Engine – which can create some of the most impressive open worlds in the industry.

Avalanche Studios is the original creator of games such as the award-winning Just Cause franchise, Mad Max (published by Warner Bros.), Renegade Ops (published by SEGA), and the self-published free-to-play service theHunter Classic that has so far reached more than 7 million registered players across 190 countries.

The studio currently employs more than 320 developers with offices in Stockholm and New York City. In May 2018 they also announced the opening of a third studio, which will be located in Malmö.

Nordisk Film takes full ownership of Avalanche Studios following historic deal

The entertainment company Nordisk Film, part of Egmont and minority shareholder of Avalanche Studios since April 2017, will now acquire all shares in the game studio. The deal marks the single largest acquisition in Nordisk Film’s 111-year history and is part of its strategy of investing heavily in successful Nordic game studios.

Under Nordisk Film’s ownership, Avalanche Studios’ strategy will remain unaltered. It will continue as a creatively independent game studio, developing its own intellectual property, as well as catering to third-party publishers and license holders.

Nordisk Film will acquire the remaining shares for a consideration of €89 million, valuing Avalanche Studios at €117 million.

This acquisition of Avalanche Studios by Nordisk Film will be finalised by the end of June 2018.

GCA Altium acted as sole advisor to the sellers.

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