Thailand's Asiasoft buys out Philippines online publisher IP E-Games' stake in Level-Up
Thai online entertainment firm Asiasoft Corporation Public Company Ltd is buying out IP E-Game Ventures Inc's entire holding in Level-Up! Inc. The latter is the largest online game publisher and distributor in the Philippines, according to Interaksyon.
Based on a Philippine Stock Exchange disclosure, IP E-Game has accepted Asiasoft's offer to purchase its 30% interest in Level Up. According to a disclosure to The Stock Exchange of Thailand, Asiasoft would gain a 70% controlling stake in Level Up for $2.94 million. The acquisition is expected to close within the first quarter of 2014, the report detailed.
The Asiasoft Group provides online entertainment services across Southeast Asia, the report added.
Two years back, IP E-Game merged with Level Up's online gaming operations and became the biggest gaming business in the Philippines. Its estimated market share was 70%. IP E-Games then transferred some of its game titles and assets to Level Up in a combined equity stake and cash deal, Interaksyon reported.