Infogrames Entertainment acquires Atari

By Angela McDaniels

Tacoma, Wash., Oct. 9 - Infogrames Entertainment SA has completed its acquisition of Atari, Inc., according to a joint news release.

Atari is now a wholly owned subsidiary of Infogrames.

Under the April 30 merger agreement, Infogrames is paying $1.68 per share, or $11 million in total, for the 48.6% of Atari's common stock not owned by Infogrames and its other affiliates.

Infogrames said it is funding the acquisition with existing cash resources.

The existing management of Atari - led by recently appointed president and chief executive officer Jim Wilson, senior vice president of sales Tim Flynn and vice president of marketing Jeff Reese - has joined the Infogrames group and will focus on growing the North American gaming market.

"The completion of the merger creates a simplified efficient global structure that we anticipate will generate greater opportunities to expand U.S. distribution capabilities and strengthen our platform for global online initiatives," Infogrames CEO David Gardner said in the release.

Atari is a New York-based interactive entertainment software company.

Lyon, France-based Infogrames, also an interactive entertainment software maker, is the parent company of Atari and Atari Europe.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.