Angel Studios acquired by Rockstar

Take-Two Interactive has today announced that it has acquired California-based Angel Studios for an aggregate $28 million in cash and 235,679 shares of restricted common stock. In recent times, the developer that will now change its name to Rockstar San Diego has perhaps been best known for its work with Rockstar Games on the popular Midnight Club and Smuggler's Run franchises. Currently the studio is working on two titles for Rockstar including Midnight Club II , as well as Midnight Club II for Capcom, and Midnight Club II for Infogrames--neither of which are expected to be affected by today's announcement.

"Angel has been a valued partner to Rockstar over the past three years, and we are particularly excited about our latest collaboration, Midnight Club II," said Sam Houser, president of Rockstar Games. "Angel Studios has a strong history of developing state of the art technology and exciting content. We look forward to the benefits of having Angel work exclusively for us going forward and having them as members of our talented team. Along with Rockstar North, Rockstar Toronto and Rockstar Vancouver, Rockstar San Diego will continue to develop the types of games for which Rockstar has become world-renowned."

Angel Studios was founded by Diego Angel in 1985 and currently employs approximately 125 people. As is normal with acquisition deals like this one, members of the Angel Studios management team have signed long-term employment agreements. "We are delighted to be joining the Rockstar team. Rockstar makes the kind of games we love to play and that we most enjoy developing," said Diego Angel, now president of Rockstar San Diego. "With our creative and technical talent and Rockstar's proven capability to produce, market and promote their products, we expect to deliver world class entertainment software for many years to come."