Infogrames Completes Merger
Infogrames Inc. and Infogrames Entertainment SA have completed the recently announced North American merger.
Infogrames Inc. has announced the completion of the merger between Infogrames North America, a wholly owned subsidiary of French-based Infogrames Entertainment SA, and a newly formed, wholly owned subsidiary of Infogrames Inc. Additionally, as part of the agreement, Infogrames Entertainment SA will receive 28 million shares of Infogrames Inc. and approximately 20.1 million shares of converted debt.
"The completion of this North American merger is a critical element in building a global brand for Infogrames as the premier source of interactive digital entertainment," said Bruno Bonnell, chairman and CEO of Infogrames Inc. "In North America, the merger creates the foundation to reshape the internal organization, maximize new operating efficiencies, and prepare for a dynamic growth strategy. The recent appointment of a US senior management team to head up these operations has been essential to our overall plan to realize growth on a global scale."
Bonnell will maintain a dual position as chairman and CEO of both Infogrames Inc. and Infogrames Entertainment SA. Infogrames Inc. will begin trading under the ticker symbol IFGM on the Nasdaq equity market. Infogrames feels that the merger is an important step in establishing a stronger North American presence.
"The timing of the merger couldn't be better," continued Bonnell. "With the holiday season around the corner, we are well positioned to efficiently roll out our strongest lineup ever in the US market, including Unreal Tournament and Driver 2, which has already garnered demand from retailers for nearly 1 million copies in the US alone. This kicks off in October, when we will release new games around the launch of PlayStation 2. In addition, our recent selection as one of the publishers for Microsoft's Xbox will further advance our strategy to stay ahead of new technologies and platforms."
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