Shanda Games Limited to Acquire Eyedentity Games

by Zagros on September 8, 2010

GlobeNewswire “Press Releases “

SHANGHAI, China, Sept. 8, 2010 (GLOBE NEWSWIRE) — Shanda Games Limited (“Shanda Games,” or the “Company”) (Nasdaq:GAME), a leading online game developer, operator and publisher in China, today announced that it has reached an agreement to acquire Eyedentity Games, a leading online game development studio in Korea, as part of the Company’s overall growth strategy in the global market. The acquisition will combine Shanda Games’ online game platform with Eyedentity’s game development capabilities, to further expand Shanda Games’ leading global online game platform.

Transaction Highlights:

  • Expands Shanda Games’ international presence with the addition of Eyedentity’s internationally licensed online game portfolio;
  • Strengthens Shanda Games’ in-house online game development capabilities;
  • Allows Shanda Games to fully capture the benefits of the successful launch of “Dragon Nest”;
  • Reinforces Shanda Games’ leading position in the online game industry.

Mr. Alan Tan, Chairman and CEO of Shanda Games, commented, “We are very excited to be bringing together two of the best teams in the online game industry together. We began working with Eyedentity almost three years ago on ‘Dragon Nest’ and, as we got to know them, have been very impressed by the team’s creativity and its deep understanding of the gamer community.With Shanda Games’ expertise and experience in operating online games in China and Eyedentity’s game development capabilities, combined with our collective international businesses, this acquisition positions Shanda Games to become a leading global online game company.”

Mr. Chris Lee, founder and CEO of Eyedentity Games, commented, “We are delighted to become part of Shanda Games.Our focus is on creating interesting and fun online games, and Shanda Games has the resources to publish and operate, on a much larger scale, the games that we create.We are very pleased with how Shanda Games has launched and operated ‘Dragon Nest’ in China, and its success is a perfect example of what we can accomplish.As we combine our complimentary businesses, we look forward to similar successes.”

Based in Seoul, Korea and founded by experienced industry veterans, Eyedentity is a private developer of online games with over 100 game developers.Its online game “Dragon Nest”, based on an in-house 3D engine, has already been licensed to partners in Korea, Japan, China, Taiwan, Southeast Asia, and the U.S. to date and has since been successfully launched in Korea, Japan and China.It is among the top five massively multi-player online role-playing games (MMORPG) in Japan and one of the most successful new online games in China this year.

The transaction is valued at approximately US$95 million in cash. Shanda Games’ cash, cash equivalents, short-term investments, and restricted cash totaled US$444 million as

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