WEBTOON Entertainment has agreed to acquire a 60% stake in RI Games Holdings for an aggregate purchase price of approximately $100M, funded with cash on hand. The acquisition will occur in two installments, the first at an initial closing shortly following signing, and the second at a subsequent closing, in each case subject to certain closing conditions.

The agreement also includes performance-based provisions for the remaining stake. If certain milestones are met, RI Games Holdings’ selling shareholder will have the right to sell their remaining 40% stake to WEBTOON on pre-agreed terms, payable in a combination of cash and shares of WEBTOON common stock (with the number of shares issuable subject to a cap). If those milestones are not met, WEBTOON will have the right to sell back a portion of its stake to the selling shareholder.