Infogrames Inc. has announced that it has entered into an agreement with majority shareholder Infogrames Entertainment SA to consolidate its North American operations. Under the agreement, Infogrames North America, a wholly owned subsidiary of Infogrames Entertainment SA, will be merged with a newly formed subsidiary of Infogrames Inc. It is expected that the merger will be completed by October 2 or soon thereafter.
"We are very excited about integrating our operations in North America," said Bruno Bonnell, chairman and CEO of Infogrames. "We believe that this will continue to strengthen the Infogrames global family, and more specifically our North American presence, by combining the two organizations into one industry power."
As part of the merger agreement, Infogrames Inc. will issue 28 million shares of common stock to Infogrames Entertainment SA, bringing the latter's total stake in Infogrames Inc. to 88 percent.
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