Glu’s MIG Acquisition Details

March 10th, 2008 by Arjan Olsder Posted in Companies & M&A | No Comments »

Glu_2Following our news of the MIG acquisition by Glu on 20-12-2007, we now follow up with the financial details about the MIG company.

On December 19, 2007, pursuant to an agreement and plan of merger, Maverick Acquisition Corp (Glu Owned), merged with and into Awaken Limited, an entity affiliated with Beijing Zhangzhong MIG information Technology Co. Ltd (MIG), surviving as a wholly owned subsidary of Glu.

Over the nine months period that ended in September, the Awaken company made $ 1,776,683.32 USD in revenues. With all expenses and taxes deducted, the net-loss has been calculated at $ 810,384.86 USD. This means a net loss available to ordinary shareholders of $ 1,496,376.56 USD.

For the acquisition, Glu paid $ 39,7 million of which $ 14.7 million in cash. We used 1 RMB = 0.140716 USD for the exchange rate as the original 8-Ka sec filing report was made using the RMB as currency.

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    Arjan Olsder is the Vice President of Pixalon Studios. Opinions expressed on this publication do not have to represent those of Pixalon Studios.


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