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 Post subject: Midway Europe Sold In Management Buy-Out
 Post Posted: Tue Sep 01, 2009 3:53 pm 
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In a press release it was announced that Midway Europe was sold in a management buy-out. From the press release:

Longstanding Midway Europe Management Team Buys Publishing and Distribution Operations

London August 20th, 2009 Midway Games Ltd., formerly a subsidiary of Midway Games Inc., today announced that Spiess Media Holding UG, a company owned by Martin Spiess, Executive Vice President - International of Midway Games Ltd., has purchased the UK and French offices of Midway Games Inc., formerly a developer and publisher of computer and video games with a rich tradition, as part of a management buyout. F & F Publishing GmbH, a company owned by Uwe Färstenberg, General Manager of Midway Games GmbH, and Hans Meyer, Finance Director of Midway Games GmbH, has purchased the German office of the Midway group.

Through the transactions, the European publishing and distribution branches of Midway are secured in all three key European markets. Both Spiess and Färstenberg will be leading their newly acquired companies as interactive entertainment distribution and publishing service providers. Plans are also underway to form a strategic alliance and use the combined forces of the European organisations as an efficient European network.

We are very pleased that the European management team has come together to purchase Midway™s European organisation, commented Matthew Booty, chairman, CEO and president of US-based Midway Games Inc. 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.

The European branch of Midway had been a significant contributor to the worldwide Midway organisation. Most recently, the European arm had contributed almost 40% of Midway's worldwide revenues, said Martin Spiess. 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.

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