<< 10:30 PM (Sat): America to sell most expensive mobile home | 02:22 PM (Wed): Iron ore from NMDC stopped; JSW steel to get aggressive >>

02:18 PM (Wed): Walt Disney buys Indiagames for $80-100 mn

Mumbai, Oct, 12 (EPC News):The Walt Disney Company has acquired all the equity in UTV’s Indiagames for an estimated $80-100 million (Rs390-490 crore), said industry sources. Indiagames is a leading developer and publisher of mobile and online games.

Walt Disney had announced the acquisition of UTV Software Communications for $2000 crore. However, UTV had only 58% stake in Indiagames. Another 42% was held by its founder and promoter, Vishal Gondal. Walt Disney held 20,497,994 equity shares in Indiagames, accounting for a 50.44% stake.

Indiagames, founded in 1999, is one of the earliest Indian companies in the mobile and online gaming segment. It had revenue of Rs54.5 crore last year, with Rs2 crore profit. UTV had purchased Indiagames in 2006 for Rs68 crore. Indiagames has a market share of around 50%, say experts.

EPC News Bureau

Posted by: epcworld | Posted on:10/12/2011 at 10:39 AM

Related posts

4:14 PM (WED): Railways to attain Rs500 cr rescue equipmentsTo buckle up the rescue and relief operations in the aftermath of accidents, railways decides to pro...1:30PM (Fri): SANY buys German concrete pump giant for $472 mnChinese major SANY Heavy Industry Co, Ltd has recently acquired 100% stake in German concrete pump m...2:24 PM (WED): IOC augments $500mn through overseas bondsState-owned, Indian Oil Corporation raised a $500 million through an overseas bonds issue to fund it...