Enad Global 7 Is Moving Out Of Russia Due To ‘Continuing Uncertainties’ In The Region
Swedish video game holding company, Enad Global 7, is in the process of cutting all ties with Russia citing the ongoing “uncertainties” in the region as the main reason behind the move. The company is now looking to sell Innova a year after they acquired the MMORPG publisher in April 2021. The publisher is currently has its headquarters in Luxembourg with multiple offices in Russia.
EG7 will also be relocating Toadman Interactive’s Russian studios to somewhere in western or eastern Europe in line with their decision to permanently move away from Russia.
“We’ve been monitoring our current business operations in Russia the past few weeks and after careful evaluation, we concluded that parting ways with Innova would benefit both parties. Upon completion of the transaction, EG7 will no longer have operations in Russia and no further exposure to continuing uncertainties in the region.”
“The relocation of the Toadman team also creates an important site for continued growth,” said EG7’s Acting CEO Ji Ham. “This decision has minimal impact on our group companies outside of Russia / CIS. Our utmost priority is to ensure that the Innova and Toadman teams have our full support while we help them transition through this process.”
Meanwhile, Russia continues its offensive against Ukraine, targeting cities around Kyiv following failed attempts to seize the Ukrainian capital.
The full announcement can be found on the Enad Global 7 official site.
