Cryptic to become a Perfect World!

Atari has found a buyer!

Perfect World, a leading online game developer and operator based in China, and Atari today announced that they have entered into an agreement whereby Perfect Worldwould acquire 100% equity interest in Cryptic Studios, a California-based online game developer from Atari, the sole shareholder of Cryptic Studios. Under the stock purchase agreement, Perfect World will pay an aggregate purchase price of approximately EUR35.0 million in cash (about $49.8 million dollars), 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.”

The deal is another sign of the times: cash and stock-rich Chinese online game companies are flexing their muscles on the world stage of the video game market.

(http://www.marketwatch.com/story/perfect-world-and-atari-announce-agreement-for-the-acquisition-of-cryptic-studios-2011-05-31)

by Risa Suraya