Midway Games executives Martin Spiess, Uwe Fürstenberg and Hans Meyer have bought out the company's European operations.

As part of the management buyout, Spiess Media Holding UG has acquired the UK and French offices of Midway Games, while the German office of the Midway group has been bought by F & F Publishing GmbH, which is owned by Fürstenberg and Meyer.

The transactions secure the European publishing and distribution branches of Midway in all three markets. Spiess and Fürstenberg will position their newly acquired businesses as game distribution and publishing service providers, and plans are afoot to form a strategic alliance.

“The European branch of Midway had been a significant contributor to the worldwide Midway organisation,” said Spiess. “Most recently, the European arm had contributed almost 40 per cent of Midway's worldwide revenues. “We very much look forward to the challenge of participating in the growing key European markets as a streamlined, powerful, and independent full-service videogames distribution and publishing business.”

Midway Games CEO and president Matt Booty added: “We are very pleased that the European management team has come together to purchase Midway’s European organisation. Our European publishing and distribution business had consistently grown year-on-year under the leadership of Martin Spiess. These European operations are comprised of a strong network of developers and publishers from around the globe and are based around an excellent team that has proven its expertise and know-how in game production.”

Midway recently sold the majority of its US assets to Warner Bros. in a deal worth around $49 million.