PARIS, FRANCE (March 22, 2023 - 11.00 pm CET) - Atari® (the "
Company") — one of the world's most iconic consumer brands and interactive entertainment producers — announced that it has entered into an agreement to acquire 100% of Night Dive Studios Inc. ("
Night Dive"), a full service game development and publishing company based in Vancouver, Washington, USA.
In addition, Atari, SA also announced that it intends to proceed in the near-term with
a €30 million bond issue convertible into new shares of Atari (the "Convertible Bonds") in order to meet with its capital needs in the context of the implementation of its new growth strategy and refinancing of its debt.
TERMS AND TIMING OF THE ACQUISITION
The purchase price of Night Dive will consist of
(i) an initial consideration of US$10 million payable half in cash and half in Atari shares at the closing of the acquisition (see below) plus (ii) an earn-out of up to US$10 million, payable in cash over the next three years based on the future performance of Night Dive.
It is expected that the acquisition of Night Dive will be completed in April 2023.
With this acquisition Atari will enrich its large library of owned IP, be able to leverage Night Dive's proprietary technology, and utilize Night Dive's publishing capabilities to support Atari's retro-focused growth strategy.
This acquisition has been approved unanimously by the disinterested members of the board of Atari, it being specified that Wade Rosen did not participate to the vote.
Wade Rosen, Chairman and CEO of Atari, commented: "
Night Dive's proven expertise and successful track record in commercializing retro IP is well-aligned with Atari's strategy and I am confident that their combined talent, technology and IP portfolio will contribute to Atari's future success."
Stephen Kick and Larry Kuperman, principals of Night Dive commented: "
Night Dive and Atari have a long history together and we know that Atari shares our passion for retro games and our focus on producing high-quality new and remastered games that do justice to the original IP. As we look to grow our business and expand our capabilities, we could think of no better long-term partner than Atari."