Pole To Win revealed on June 24 that it is in negotiations to transfer ownership of its consolidated subsidiary Aquaplus to a company outside its group.
Aquaplus is a game developer that originally operated under the Leaf brand, known for its bishojo-style visual novel games. The studio has since developed a number of console and mobile titles, most notably the ToHeart, Utawarerumono and White Album series. They have a 3D remake of the original ToHeart set to launch on June 26.
In 2022, Aquaplus became a subsidiary of CREST, which was part of the larger Pole To Win group and handled content and media, including games. In 2023, CREST merged with two other companies within the group and rebranded as HIKE, under which Aquaplus continued to operate as a game development studio.
However, it appears that negotiations are underway to sell off Aquaplus to a different company altogether. The trigger for this move seems to be Pole To Win’s decision to withdraw from the media and content business. The company explained:
“As the content industry becomes larger and competition intensifies, we recognize that we are in a business environment where we must continue to make more substantial upfront investments than before in order to gain a competitive position in the field.”
As part of this strategic shift, HIKE and its subsidiaries are undergoing a management buyout. HIKE’s CEO Masataka Mikami has established a new entity called HIKE Holdings, and has signed both a stock transfer agreement and a debt transfer agreement with Pole To Win. As a result, HIKE is now officially independent from the Pole To Win Group.
But Aquaplus won’t be a part of the new, independent HIKE. Instead, the plan is to spin it off as its own company. The idea is that it’ll be easier to find the right buyer – and a better match – if Aquaplus is offered on its own, rather than bundled in with HIKE.
The company is already in talks with multiple parties, and the goal is to transfer ownership to whichever firm is most likely to maximize Aquaplus’s value. Given the studio’s long history, development capabilities, and rich IP portfolio, it will be interesting to see where they end up.
