GT Sale Details

Infogrames has released details of its GT Interactive takeover. All told, Infogrames will spend $135 million dollars to purchase a combination of common stock, convertible notes, and newly issued shares giving Infogrames control of up to 70% of the outstanding stock. Infogrames appointed Pierre Sissman to the position of president of Infogrames' European operations, allowing Infogrames chairman and founder Bruno Bonnell to actively participate in refocusing GT's activities. "I am really excited about the opportunity we have to re-energize this company, which has so much potential," said Bonnell, "I am confident that Infogrames can drive GTIS back to profitability." Added GT Interactive chairman Tom Heymann, "It is the right move for our company and it opens a new chapter for GT Interactive Software."