Take Two Grows By Two
989 StudiosUK peripheral maker and software distributor become Take Two property.
Take-Two Interactive has acquired Joytech Europe Ltd., a publisher of peripherals (joysticks, game controllers and the like) in the UK, and LDA Distribution, Ltd., which distributes video game software to non-chain stores in the UK and France. Take-Two purchased the companies for 600,000 shares of Take-Two stock.
For the twelve-month period ended December 31, 1998 the combination of Joytech and LDA recorded revenues of approximately US$20 million, and a pre-tax income of $1.2 million or so.
"LDA gives Take-Two the opportunity to expand its value added distribution business beyond the US market into Europe," said Ryan Brant, LDA president and CEO. "Similarly, Joytech gives the company's US distribution arm, Jack of All Games, a strong source of future product flow that to date has not been exploited domestically."
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