Chicago-headquartered publisher and developer Midway Games has announced that it has acquired Newcastle, UK-based Pitbull Syndicate in a "primarily stock transaction" for 199,385 Midway shares, currently valued at around $3.1 million at today's Midway share value of $15.63.
The developer is particularly important to Midway since the studio is currently developing Midway's current-gen racing title L.A. Rush
, the latest in the arcade-originating Rush
franchise originally developed in-house at Midway. Pitbull is also working on additional next generation projects, according to the company, and the newly acquired studio will be renamed Midway Studios - Newcastle.
Pitbull Syndicate itself was established in December 1996 by a small group of programmers and artists who have specialized in racing games, and which previous created four games in the Test Drive
series for Infogrames/ Atari, which has sold over 5.5 million copies as a franchise.
Midway's President and Chief Executive Officer, David F. Zucker, commented, "We have been collaborating with Pitbull on the upcoming reinvention of our Rush
franchise, L.A. Rush
, which we anticipate will be launching in October. This close-knit team of highly talented developers brings to Midway a successful track record, specifically the Test Drive series, of which three titles have sold over one million units."