Maximum Entertainment completed its sale of selected Merge Games assets to Silver Lining Interactive on 23 December 2024. The transaction covered rights to approximately 90 catalogue titles and certain stock and business assets, while five named games stayed with Maximum. The company described the deal’s total direct value equivalent as €4 million, combining cash, an estimated stock royalty and relief from claims and liabilities—not €4 million in cash proceeds.
When the sale closed and who bought the assets
Maximum Entertainment AB announced on 23 December 2024 that it had entered into an asset sale agreement with Silver Lining Interactive Ltd, and said signing and closing both took place that day. The announcement identified Silver Lining as a UK company owned by Merge Games founders and family members. Maximum Entertainment’s announcement
Maximum’s CEO at the time, Philippe Cohen, described the company’s rationale: “This agreement is a significant step in balancing Maximum Entertainment’s financial position and clearing our liabilities,” the announcement said. This was the issuer’s stated purpose for the sale.
What transferred to Silver Lining
The agreement covered selected assets, not every Merge Games property. Maximum’s announcement disclosed these categories:
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- IP rights to approximately 90 titles from the Merge Games catalogue, including Spirit of the North as a named example.
- Existing retail stock with a stated resale value of €430,000.
- The office lease, plus existing IT and office equipment.
The announcement did not provide a complete title-by-title schedule or an itemized stock list. It therefore does not establish that every Merge Games title or any particular unlisted product transferred.
Which games Maximum retained
Maximum said rights to these five titles remained with the company rather than transferring in the sale:
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How Maximum’s €4 million value equivalent was composed
Maximum reported a “total direct value equivalent” of €4 million. The figure combined cash consideration with an estimated royalty and the release of claims and other liabilities; it should not be read as the cash purchase price paid at closing. The components below are the company’s reported figures:
| Component | Amount and treatment |
|---|---|
| Consideration payable at completion | €1,000,000 payable at completion |
| Stock royalty | Estimated €135,000 over six months |
| Remaining claims or earn-out entitlements released | Estimated €2,330,000 |
| Other liabilities released | Estimated €500,000 |
The first item is the stated completion payment. The royalty and the two liability-release figures are estimates; the latter are relief from obligations, not cash paid to Maximum. Maximum’s 2024 annual report also records the sale and a related-party transaction, but its accounting book-value figure is not interchangeable with the €4 million direct value equivalent. Maximum Entertainment 2024 annual report
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How the deal is described now
Silver Lining says its publishing services took on games from the former Merge portfolio after its founders stepped away following Maximum’s acquisition of Merge and established Silver Lining with former Merge staff. The company describes itself as now independent and says it has no current affiliation with Merge Games or Maximum Entertainment. That present-day relationship description is Silver Lining’s own. Silver Lining Interactive
Maximum’s Q4 2025 report continued to refer to the December 2024 arrangement, providing a later company-reporting record of the transaction. Maximum Entertainment Q4 2025 report
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