Liverpool games studio in takeover by Swedish partner

Swedish video gaming group, Aonic, has taken a majority stake in Liverpool games development studio, Milky Tea, for an undisclosed sum.

This new partnership will support Milky Tea in developing its own in-house gaming intellectual property (IP), while also expanding its operations.

After previously working on the successful Apple Arcade launch title, HyperBrawl Tournament, the studio is currently working on multiple new IPs that are yet to be announced.

Previous majority shareholder, Jonathan Holmes, will remain on board as minority shareholder and the studio’s appointed CEO.

He said: “We have had a great relationship with Aonic’s leadership team for multiple years.

“After we had decided to take the next strategic step in our development, we sat down with Aonic last April and immediately knew there was great potential in our collaboration.

“This new partnership is a fantastic opportunity and will allow Milky Tea to continue to go from strength to strength.”

Olliver Heins, Aonic co-founder, said: “The entire team at Aonic is incredibly passionate about Milky Tea’s exciting new IPs currently in the works, and with our shared vision, we believe our network can really support Milky Tea in making these games a success.”

Milky Tea Games Studio said its new IPs will be announced later in the year.

Milky Tea was established in Liverpool in 2005. It designs and develops its own video game intellectual property as well as offering ‘work for hire’ game development services.