Level Up! Acquires E-Games
IP E-Game Ventures Inc. (E-Games) and Level Up! Inc. have announced today the merging of their online game publishing businesses in the Philippines.
IP E-Game Ventures Inc. (E-Games), the listed online gaming subsidiary (PSE:EG) of IP Ventures, Inc., and Level Up! Inc. (LUI), have reached an agreement to merge their Philippine online game publishing businesses. On February 14, the parties signed an agreement stating that most of E-Game’s titles and assets relating to its game publishing business will be transferred to LUI and the publishing operations of said titles will be merged into LUI’s associated online game publishing company, Playweb Games Inc.
In exchange, E-Games will receive equity in LUI, a commercial interest in Playweb Games Inc. (game publisher and operator of all game titles and services under the Level Up! brand in the Philippines), and a cash consideration. The parties shall work in good faith to complete the deal. The appropriate disclosures and comprehensive statements shall be made at the appropriate time.
E-Games and LUI, as a merged entity, is expected to strategically benefit both companies as a result of future operational synergies and savings.
The merger of E-Games and Level Up! plus another company, Playweb Games, makes them the widest gaming prepaid card and PIN distribution network in the Philippines. These games include Massively Multiplayer Online Role-Playing Games (MMORPGs) such as Cabal, Audition, Pointblank, Ragnarok, Grand Chase, Rohan and Bounty Hounds.
E-Games is the first and only listed online gaming company in the Philippines. It spearheaded the free-to-play game model and has over 15.9 million registered gamers and an average of 3.5 million active users per month. E-Games recently acquired the rights to sell advertisements on the Philippine portal of NBA.com .
Level Up! pioneered the online game business in the Philippines. Parent Level Up! International Holdings has a subsidiary in Brazil which likewise pioneered and leads the online game publishing business there. Besides its presence in the Philippines and Brazil, Level Up! International has a joint venture in the United States with a Korean developer.
Level Up! Acquires E-Games Reviewed by Jepoy on 2/14/2012 03:52:00 PM Rating: