Take 2 sells off Joytech

News

Tim Ingham Sep 7 2007, 2:16pm

UPDATE: Mad Catz reveals $3.7million pricetag

Take 2 has sold its full ownership of subsidiary Joytech to Mad Catz Interactive for an undisclosed sum.

The sale of the peripherals firm is in line with Take-2's previously announced plans to divest its non-core businesses.  

"The sale of the Joytech assets is consistent with one of the key goals we established in our 100 Day Plan: to develop strategic alternatives for any operations that we determined to be outside our core publishing business," said Take 2 CEO Ben Feder.

"We are particularly pleased that we accomplished this goal in a manner that will allow substantially all of our Joytech employees in the US.

and UK to join Mad Catz, which is a highly respected provider of video game peripherals."  

Take 2 added that the Joytech sale is not expected to be material to its financial results.

UPDATE: According to a statement from Mad Catz, the sale was made for approximately $3.7 million and will be used primarily to boost the company’s presence in Europe.