(Boursier.com) — Atari has completed the acquisition of Digital Eclipse Entertainment Partners, a game development studio originally founded in 1992 and focused on the digital restoration of classic video games, based in Emeryville, California.
“The acquisition of Digital Eclipse will allow Atari to expand its internal development capabilities and utilize the industry-leading experience and proprietary technology of Digital Eclipse,” Atari explains.
The final purchase price for Digital Eclipse includes an initial consideration of US$6.3 million, including US$3.8 million in cash paid on the closing date and US$2.5 million in Atari common stock. newly issued securities issued through the closing date, as well as a residual earnout of up to $13.5 million, payable in cash over the next ten years based on the future performance of Digital Eclipse.
As described above, Atari also acquired a portion of Digital Eclipse’s stock directly with the issuance of newly issued Atari common stock. The reserved capital increase gave rise to the issue of 20,165,794 new ordinary shares with a par value of 0.01 EUR plus an issue premium of 0.1069 EUR, representing a total subscription of 2 €357,381.82. The share capital of Atari was increased by a nominal amount of 201,657.94 euros from 4,221,964.28 euros to 4,423,622.22 euros.
Following the completion of the acquisition, Digital Eclipse shareholders together hold 4.6% of Atari’s capital. The majority of Digital Eclipse shareholders, holding a total of approximately 95% of Digital Eclipse’s capital, have agreed to a one-year hold on their Atari shares from the completion of the acquisition.
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