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Perfect World Acquires Cryptic Studios

by Rainier on May 31, 2011 @ 1:18 a.m. PDT

Perfect World has entered into an agreement whereby it would acquire 100% equity interest in Champions Online developer Cryptic Studios, recently shuddered by Atari.

Under the stock purchase agreement, Perfect World will pay an aggregate purchase price of approximately EUR35.0 million in cash, subject to working capital and other adjustments as provided in the agreement. The consummation of the transactions contemplated in the agreement is subject to satisfaction of closing conditions.

"We are very pleased to sign the agreement to acquire Cryptic Studios," commented Mr. Michael Chi, Chairman and Chief Executive Officer of Perfect World. "This strategic acquisition will add attractive game titles to our portfolio, which will help us further penetrate into the U.S. and global online game markets.  More importantly, Cryptic Studios' highly reputable development team and its technology platform will further strengthen our well-established R&D capabilities.  We deem this as another noteworthy achievement of our global expansion efforts."

"With the acquisition by Perfect World, Cryptic has found a strong platform for continued expansion into free to play business model and growth in the global marketplace," said Jim Wilson, CEO of Atari. "The divestiture of Cryptic is in line with Atari's continued focus on key owned and third-party strategic franchises and expansion into emerging game platforms."

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