Get out zee cheese! Scott M. posted this on Yahoo:
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INFOGRAMES COMPLETES GTI TAKE-OVER
As exclusively predicted by MCV two weeks ago, Infogrames has become the new
majority shareholder of GT Interactive. There are no official details at
present but it is understood that an announcement will be made at the
InterContinental Hotel in Paris on Tuesday morning (November 15th). It will
be presented by Infogrames' flamboyant CEO Bruno Bonnell and GTI's CEO
Thomas Heymann, who was brought into the company from Disney in February to
help secure its future after a rocky period.
Initially, it is expected that the two companies will trade autonomously,
with GTI remaining as a separate entity on the NASDAQ. Full details on the
consolidation of the two companies are expected by the end of the year, when
the deal will have been ratified by shareholders.
The swoop for GTI proves how serious Infogrames is about increasing its
global strength and raising its profile across the Atlantic. US publishing
veteran Accolade and UK outfit Gremlin Interactive were both bought earlier
this year, amongst a series of aggressive moves, but this is by far the
French super-publisher's biggest deal to date. Infogrames has beaten off
interest from Hasbro, Microsoft, Acclaim and finance outfit Blackstone to
secure an agreement which creates a hugely powerful force. Infogrames
recorded global sales of $327.5m in its full-year ended June 30th, whilst
GTI's full-year sales to the end of March topped $570m. GTI's sales for its
first fiscal quarter ending June 30th were a massive $121m.
Infogrames will add to its roster a portfolio of companies which includes
Newcastle-based Reflections (maker of the huge-selling Driver), Cavedog
(Total Annihilation), Oddworld (Abe's Oddysee), Singletrac (Twisted Metal)
and one of the largest software distribution operations in the US.
For more exclusive news about GTI Interactive and Infogrames, read MCV this
Friday. |
