France-based parent Infogrames said Wednesday that it has sold its remaining 66 percent stake in its distribution business to partner Namco Bandai Games Europe. The distribution company serves Europe, Asia, Australia and New Zealand.
The firm said in a statement, "After the recently announced acquisition of leading MMO publisher Cryptic Studios, Inc., this transaction is a significant step towards the transformation of the company into an Online-centric game company, with continued access to a world-class global retail distribution organization."
The distribution company's enterprise value is €60 million. Funds received from the transaction will be used towards internal and external game development, studio and publishing operations. Infogrames named more benefits from the deal: a sharp reduction in working capital required for distribution operations; and continued access to the distribution company's network for five years.
The cash transaction will be completed within the next four months, Infogrames said. Infogrames CEO David Gardner said the deal will "allow Atari to focus its financial resources and creative energy exclusively on developing and publishing online-enabled games."