Embracer Group Acquires Perfect World Entertainment
The company paid $125 million and added 237 new employees.
Embracer Group announced they decided to acquire 100 percent of the shares in Perfect World North America Corporation and Perfect World Publishing B.V. The acquisition includes a total of 237 employees. The announcement states that the purchase price for the acquisition is a "one-time payout of $125 million, divided into of $60 million in cash and $65 million in B shares of Embracer subject to consideration adjustment at closing."
PWE is said to now operate within the Embracer group as a subsidiary of Gearbox. They will continue to publish and develop new games. "Gearbox Entertainment will onboard PWE Publishing and Cryptic Studios, which will both remain independent within Gearbox Entertainment. This acquisition will strengthen Gearbox Entertainment's Publishing division," notes the press release.
"It's an honor for us to welcome this talented group of individuals into the Gearbox Entertainment family. Gearbox will invest into the future of Cryptic as an independent, dynamic studio that is passionate about MMOs. That commitment is paired with an exciting new partnership that will emerge as the talented Perfect World publishing team and their promising line up of future games will become supported and bolstered by the capability and strength of the Gearbox Publishing team," said Randy Pitchford, founder of Gearbox Entertainment Company
" It has been an amazing journey being a part of Perfect World, and we thank them for all of their support throughout the years. PWE is delighted to become a part of the Embracer family, and join Gearbox on their mission to entertain the world. We are eager to apply our vast experience and talents to benefit both shareholders and customers around the world," commented Yoon Im, CEO of PWE.
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