Chinese investors have completed the acquisition of UK studio Jagex.
The deal, first revealed in March, sees a new board of directors put in place and is described as the first move in creating a dedicated, highly focused Chinese-owned games company within a newly created structure of a highly respected and well established local organisation, which is committing significant resources to the new entity”.
The release adds that the move will see Jagex propelled into a new investment cycle to charge forward with growth projects for RuneScape and its franchise extensions, while seeking out additional Mergers and Acquisitions opportunities to ramp up its presence in the gaming space”.
Chinese mining company Shandong Honda, despite earlier reports, is not the investor. The acquisition has instead come at the hands of investors working on behalf of a new Chinese games company that is still in the process of being formed.
Having visibility in China, which is now the biggest gaming market in the world, the new entity is a compelling and attractive proposition for western businesses seeking to broaden their reach in a fast-rising, rapid growth region,” Jagex CEO Rod Cousens said.
It will enable them to tap into a creative and development talent pool to design and develop content for the Chinese consumer and engage with, and expand, a global community.
Jagex will continue to be operated by the existing management team, which has overseen an impressive trading performance in recent times and driven its iconic franchise, RuneScape to continued growth. It will be business as usual for the Company, its players and its employees post-acquisition.”