Digital Bros — M&A Activity 2026

Apr 27, 2026

INFO

Digital Bros

digital entertainment

PRESS RELEASE

Digital Bros acquires the intellectual property rights relating to Wuchang: Fallen Feathers

Digital Bros has entered into an agreement with Chinese developer Chengdu Lingze Technology Co. Ltd to acquire the Intellectual Property rights related to the video game Wuchang: Fallen Feathers for a total consideration of RMB 32 million (approximately Euro 4 million).

Milan, April 27, 2026 - Digital Bros Group (DIB:MI), a video game company listed on the Euronext STAR Milan (ISIN: ITo001469995) and included in the FTSE Italia Small Cap index, announces that it has entered into an agreement with Chinese developer Chengdu Lingze Technology Co. Ltd. (“Leenzee”) to acquire the intellectual property rights (“the IP”) related to the video game Wuchang: Fallen Feathers (“the Transaction”).

The Transaction secures full ownership of the IP for the Group, enabling full retention of the value generated throughout its lifecycle and eliminating any future royalty obligations to the developer. The total consideration amounts to RMB 32 million (approximately Euro 4 million), that will be funded through the Group’s available credit lines.

Wuchang: Fallen Feathers, developed by Leenzee and published by the Group’s subsidiary 505 Games, is a soulslike action RPG set in the land of Shu during the dark and tumultuous late Ming Dynasty. The product was launched on July 24, 2025 on PC, PlayStation 5, Xbox Series X/S and was made available through the subscription service Xbox Game Pass.

The game demonstrated strong commercial traction, reaching the top position in Steam’s Global Top Sellers chart ahead of release and attracting over 130,000 concurrent users on Steam on launch day. As of March 31, 2026, Wuchang: Fallen Feathers has sold over 1 million units, generating more than Euro 30 million in revenues (net of tax duties and commissions), confirming the strength of the product and its long-term potential. The collaboration with Leenzee has been positive and constructive to this day, with no outstanding economic disputes between the parties.

Securing the IP will enhance the Group’s ability to make timely decisions regarding its future development and related investments.

The Transaction is consistent with the Group’s strategy of increasing the share of fully owned intellectual property, supporting margin expansion and enhancing long-term value creation.

The Group does not expect the acquisition to have a significant impact on the business outlook for the current fiscal year previously disclosed to the market.

This press release is available on the websites www.digitalbros.com and .

DIGITAL BROS GROUP

Listed on the Euronext STAR Milan, Digital Bros Group is a global company that has been operating since 1989 as a developer, publisher and distributor of video games through its brand 505 Games. Digital Bros Group is active around the world through its own direct operations in Italy, United States, UK, Czech Republic, China, Japan, Australia and Canada with 281 employees.

For further information please contact:

Digital Bros S.p.A.
Stefano Salbe - CFO
Tel, +39 02 413031
ir@digitalbros.com