The two gaming companies have apparently merged today, February 14, 2012. All E-Games titles will be transferred to LevelUp! Games after the merge.
In a statement released in Philippine Stock Exchange, details of the circular indicated:
IP E-Game Ventures Inc. (E-Games), the listed online gaming subsidiary
(PSE:EG) of IP Ventures, Inc., and Level Up! Inc. (LUI), have reached an
agreement to merge their Philippine online game publishing businesses. On
February 14, the parties signed an agreement stating that most of E-Game?s titles
and assets relating to its game publishing business will be transferred to LUI and
the publishing operations of said titles will be merged into LUI?s associated online
game publishing company, Playweb Games Inc.In exchange, E-Games will receive equity in LUI, a commercial interest in Playweb
Games Inc. (game publisher and operator of all game titles and services under the
Level Up! brand in the Philippines), and a cash consideration. The parties shall
work in good faith to complete the deal. The appropriate disclosures and
comprehensive statements shall be made at the appropriate time.E-Games and LUI, as a merged entity, is expected to strategically benefit both
companies as a result of future operational synergies and savings.
Not only does this mean a merger of two companies, but a merge of the two communities who have been long-time rivals in different games. How LevelUp! will handle the two communities is still purely speculation today. But for sure, it?s going to be a rough ride for PlayWeb Games Inc. Nonetheless, congratulations on the merge!
My Thoughts On This:
It is not exactly a big surprise on my part. Having watched the company since I left it last year, I witnessed how their manpower shrunk and the number of their games said hello and goodbye in a matter of months. It was a blessing waiting to happen - that the company be salvaged so that the employees can keep their jobs.
There really won't be any problem with regards to the LU and EG communities merging. The Philippine gaming community is a small one, with players and guilds transferring from one game to another, playing at least one MMO per company.
Perhaps the only sad part here is that with LU being the MMO colossus in the country, would an online gaming monopoly once again surface?
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Source: http://mhauckonline.blogspot.com/2012/02/merged-level-up-buys-e-games.html
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