The MBO deal – which sees Midway's European offices survive its parent firm's bankruptcy – has been completed, MCV can reveal.

Now, the industry is waiting to see what move former Midway EVP International Martin Spiess, the new owner of Midway UK and France, will do with the organisation.

Over a week ago we reported that Spiess had made a play to buy the two offices, while his colleagues and former Midway Games Germany GM and finance director Uwe Fürstenberg and Hans Meyer had moved to buy the German operation.

In a statement released today, the European execs have confirmed that "the European publishing and distribution branches of Midway are secured in all three key European markets" and that "both Spiess and Fürstenberg will be leading their newly acquired companies as interactive entertainment distribution and publishing service providers".

The two will also form a strategic alliance and "use the combined forces of the European organisations as an efficient network" for the continent.

Matt Booty, the chairman, CEO and president of US-based Midway Games – the rest of which was primarily bought by Warner Bros, with other assets closed or sold to THQ – praised the move to keep open the European offices by their management.

Under Spiess, the Euro teams were a jewel in the crown for Midway before the firm went into bankruptcy earlier this year.

“We are very pleased that the European management team has come together to purchase Midway’s European organisation,” he said

“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.”

Spiess added: “The European branch of Midway had been a significant contributor to the worldwide Midway organisation. Most recently, the European arm had contributed almost 40 per cent of Midway's worldwide revenues.

“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.”

MCV will have more details on what plans this new publishing and distribution has very soon.