vacancies advertise contact news tip The Vault
facebook rss twitter

Infogrames buy-out Atari

by Steven Williamson on 1 May 2008, 13:00

Tags: Atari (EPA:ATA)

Quick Link: HEXUS.net/qamyr

Add to My Vault: x

Deal going down in third quarter 2008

Infogrames Entertainment, the French company who own a 51.2 percent share in Atari Inc, has yesterday agreed to buy the remaining stake in the company.

The deal will make the New York based video games company a wholly-owned subsidiary of Infogrames.

According to Forbes.com, "Under the terms of the agreement, Infogrames will acquire the remaining outstanding equity interests of Atari for $1.68 a share, equivalent to a cash payment of $11 million.

Infogrames has committed to lend Atari $20 million, which will be used to fund Atari's operational cash requirements during the period between the date of the merger agreement and its closing."

Ex Sony big-wig Phil Harrison, who is now the President of Infogrames said, "The Atari opportunity, is the best opportunity that exists in the industry today to redefine, refocus and re-energize an incredible brand."

Completion of the deal is expected to go ahead in the third quarter, 2008.

Source :: Forbes


HEXUS Forums :: 1 Comment

Login with Forum Account

Don't have an account? Register today!
Atari Inc you mean? Atari everything else was already wholly owned.

And thank goodness for the buy out - makes a lot of sense and I was fed up of constantly explaining how they were separate companies :p