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Azerion successfully completes its business combination with EFIC1
Azerion Holding B.V., a high-growth, profitable, digital entertainment and media company, and European FinTech IPO Company 1 B.V. (“EFIC1”), a special purpose acquisition company (SPAC) listed on Euronext Amsterdam, have successfully completed their business combination on 1 February 2022.
As part of the completion of the business combination, the legal form of the combined company has been converted into a limited company (naamloze vennootschap) and it has been renamed Azerion Group N.V. (“Azerion Group”). The first day of trading on Euronext Amsterdam under the new name of Azerion Group’s shares and warrants will be on 2 February 2022 (today) under the new ticker symbols AZRN and AZRNW, respectively.
The business combination received the support of EFIC1’s shareholders, with more than 95% of the votes cast at EFIC1’s extraordinary general meeting held on 31 January 2022 (the “EGM”) approving the business combination.
The completion of the business combination supports Azerion Group in its ambitions to become a global digital entertainment and media powerhouse. The business combination furthermore provides for a strong complementary partnership accelerating future value creation for all stakeholders through continued investments in Azerion Group’s growth, both organically and through M&A. Azerion Group expects this listing to create a new long-term supportive shareholder base, permit Azerion Group to incentivise the existing and future management team and senior staff and continue to attract high calibre individuals.
The business combination resulted in approximately €93 million of gross total primary cash proceeds, including approximately €70 million of funds from the EFIC1 escrow account (net of negative interest and after effectuation of the share repurchase arrangement) complemented by a sponsor and co investor commitment of €23.15 million. With the completion of the business combination, Azerion Group received approximately €56 million of net primary cash proceeds (net of transaction costs and expenses), which will be used to continue to pursue value-accretive acquisitions (with Azerion having a strong acquisition track record and a broad pipeline of potential targets), and to further invest in organic growth initiatives (such as new games and features, platform investments, etc.) as well as general corporate purposes.
Immediately after completion of the business combination and the related restructuring steps (including the cancellation of 31,228,299 ordinary shares that were repurchased by EFIC1 from its shareholders), the issued share capital of Azerion Group is as follows:
1
Public
Type of security #¹
Ordinary Shares (excl. treasury) 111,483,296
Ordinary Shares in treasury² 70,078,452
Total Ordinary Shares 181,561,748
Capital Shares 22
Conditional Special Shares 1,152,886
Warrants³ 12,736,605
Please see section 6.4. “Description of Securities” in the EFIC1 Shareholders Circular dated 13 December 2021 for a description of the classes of securities of Azerion Group.
1. Excluding any conditional and unconditional option rights and Founder Warrants existing at the date of this press release, which in aggregate entitle the holders to receive up to a maximum of 24,160,245 Ordinary Shares. 2. The Ordinary Shares in treasury can be used for acquisitions, exercise of warrants and option rights and other general funding purposes.
3. The outstanding Warrants listed on Euronext Amsterdam at the date of this press release entitle the holders to receive up to 12,736,605 Ordinary Shares.
Immediately after completion of the business combination, the ownership percentages of Ordinary Shares are as follows:
Shareholder % Ordinary Shares⁴
Principion Holding B.V.⁵ 74.3%⁶
Azerion former depositary receipt holders 7.5%
Azerion former stock appreciation rights holders 4.0%⁷
Former EFIC1 converted special shares holders 5.9%
Other Shareholders 8.3%
Total 100.0%
Based on Azerion Group’s information. Actual share ownership percentages and regulatory filings and notifications of ownership percentages may differ.
4. Excluding treasury shares as well as any conditional and unconditional option rights and Founder Warrants existing at the date of this press release, which in aggregate entitle the holders to receive up to a maximum of 24,160,245 Ordinary Shares.
5. An entity controlled by Azerion’s co-founders and co-CEOs.
6. Including shares held for settlement of future acquisition-related earn out and other obligations. 7. Excluding shares held for settlement of future acquisition-related earn out and other obligations.
Atilla Aytekin, co-founder and co-CEO of Azerion says: “Today marks an important step for Azerion, and we are excited to finally enter the public markets and continue to grow and advance our platform whilst raising our profile amongst our customer and partner groups and talented workforce globally. We are proud to achieve this important milestone, and we look forward to our next growth phase and future
2
Public
as a public company. I am grateful to the entire Azerion team for all their hard work, which has brought us to this pivotal moment, and for the dedicated support of our partner EFIC1.”
Martin Blessing, former Chief Executive Officer of EFIC1, adds: “The journey of our SPAC EFIC1 comes to a successful end while the exciting journey of Azerion as a listed company starts now. The whole EFIC1 team thanks its shareholders for their support. We look forward to continuing our partnership with Azerion over the long term and wish the company, its founders, employees and shareholders success as they continue their impressive growth story.”
To celebrate the completion of the business combination, the management team of Azerion Group will ring the opening bell at Euronext Amsterdam at 09.00 CET on 2 February 2022. A live stream of the event and replay can be accessed via this link.
Advisers
Credit Suisse Bank (Europe), S.A. acted as capital markets adviser, Hogan Lovells International LLP acted as legal adviser and ABN AMRO Bank N.V acted as financial adviser to EFIC1.
N.M. Rothschild & Sons Limited acted as financial adviser, Stibbe N.V. acted as legal adviser, and Citigroup Global Markets Europe AG and Jefferies GmbH as capital markets advisers to Azerion.
ABN AMRO (acting in cooperation with ODDO BHF SCA), ING Bank N.V. and Pareto Securities AB acted as co-capital markets advisers to EFIC1, and Clifford Chance LLP acted as legal adviser to the capital markets advisers.
Liquidity Provider
As from 2 February 2022, Azerion Group will enter into a liquidity provider agreement pursuant to which ABN AMRO Bank N.V. will act as liquidity provider for the trade in listed shares of Azerion Group.

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In this edition of HIPTHER Community Voices, we talk with Victoria Trofimova, the CEO and co-founder of Nordcurrent, the biggest game studio to come out of Lithuania and the Baltics. Since starting the company in 2002, Victoria has led Nordcurrent from a small team to an international gaming success story — all without external funding.
She shares how key decisions like focusing on mobile games, building a diverse team, and staying true to their creative vision helped shape Nordcurrent’s growth. We also dive into how she’s helping put the Baltics on the global gaming map, supporting young talent, and what advice she has for the next generation of women leaders in tech.
Nordcurrent has grown into a Baltic powerhouse since its founding in 2002. What were some of the pivotal moments that shaped the studio’s identity and success—especially as a bootstrapped company?
One key moment was our decision to focus fully on mobile gaming early on. That shift, around 2010, allowed us to scale globally with titles like Cooking Fever, which became a long-term success story. Another pivotal step was building and retaining in-house capabilities, from development to marketing, while staying self-funded. Being bootstrapped taught us discipline, resilience, and how to make bold yet thoughtful decisions without external pressure.
You’ve scaled a 360-person team across multiple countries. What have been the biggest challenges—and advantages—of growing Nordcurrent without external funding?
The biggest challenge has been growth pacing. We had to build sustainably, without shortcuts. But that’s also been our advantage; we’ve kept creative control, built long-term trust with our team, and stayed focused on profitability and product quality. It’s a different rhythm, one that favors deep thinking over hype.
Diversity in gaming is still lagging behind. What concrete steps has Nordcurrent taken to drive inclusion, and how do you embed this into studio culture, hiring, and leadership?
We don’t overcomplicate it, we hire the best people who want to build great games with us. We don’t separate or label by gender, background, or title. If someone brings talent, drive, and a collaborative mindset, they belong here. That approach has naturally led to a diverse team, including strong female leadership across departments. We focus on creating an environment where everyone is treated equally, trusted, and heard.
You’ve spoken about attracting global talent to Lithuania and the Baltics. What makes the region appealing—and what misconceptions do you often have to overcome when recruiting internationally?
The Baltics offer a great work-life balance, strong tech ecosystems, and a tight-knit creative scene. But we still need to overcome outdated perceptions; for example, that it’s cold, isolated, or lacking opportunity. The truth is, Vilnius and other cities here are dynamic and are increasingly being recognized for innovation.
In such a saturated gaming market, how does Nordcurrent approach innovation and stay relevant without falling into trend-chasing?
We listen deeply. To players, to data, and to our instincts. With over two decades of experience, we’ve built a rich internal library of what works, what lasts, and what connects. Innovation for us isn’t about reinventing the wheel every time. It’s about layering insight, emotion, and cultural nuance onto strong foundations. We don’t chase trends, we ask how a game fits into people’s lives. That’s why titles like Airplane Chefs resonate. They’re familiar yet fresh, culturally rich but globally accessible. Years of learning has given us the confidence to trust our gut and the clarity to know when to try something bold.
From mobile hits to console and PC publishing—how has your portfolio strategy evolved, and how do you decide what kinds of games to invest in today?
Our mobile success gave us the freedom to diversify. With Nordcurrent Labs, we now publish PC and console games that align with our values: original IP, strong storytelling, and long-tail potential. We look for teams with vision and grit, whether it’s cozy games or narrative-rich adventures.
You recently acquired River End Games and the Cinemaware catalog. What’s the strategic thinking behind those moves, and what can players expect from these legacy properties going Forward?
River End Games brings deep narrative talent and AAA craftsmanship, which complements our publishing ambitions. With Cinemaware, we’re reimagining classics for a new generation. These acquisitions aren’t about nostalgia only, they’re about unlocking untapped creative value in ways that feel both respectful and bold.
How are you helping to nurture the next generation of game developers in the Baltics, and what role do you think studios should play in education or early talent development?
We take this responsibility seriously. As the largest Lithuania-born game developer, we feel a strong duty to help grow the industry, not just our studio. We actively collaborate with the Lithuanian Game Developers Association, support local game jams, and organize major meetups that bring the community together. Our goal is to make the gaming industry more visible, more accessible, and more appealing, especially to young people who may not yet see it as a real career path.
It’s not just about hiring talent, it’s about helping to create it. We believe studios should take an active role in popularizing the industry, opening doors, and building a future where game development is seen as a creative and respected profession.
You’re leading a company that’s rooted in Eastern Europe but competing on a global stage. How do you balance local values with global ambitions?
We don’t see it as a conflict. Our roots give us authenticity and resilience, and these are qualities that resonate globally. We build games that are grounded in strong craft and cultural richness but are universally relatable. Staying true to who we are has been our best strategy for going global.
And finally—what advice would you give to aspiring women leaders in tech and gaming who want to break into this industry and rise through the ranks?
Own your voice. You don’t need to fit a mold to lead. Surround yourself with people who challenge and support you. And remember, leadership isn’t just about a title, it’s about taking responsibility, lifting others, and staying curious. Tech and gaming need your perspective, and there’s room for you at the table.
The post HIPTHER Community Voices: Interview with the CEO and co-founder of Nordcurrent Victoria Trofimova appeared first on European Gaming Industry News.
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