Under the terms of the expected agreement, which must still be ratified by GameCom shareholders, GameCom will acquire San Jose, CA-based Global VR in a stock-for-stock or merger transaction. Terms of the agreement were not disclosed.
Global VR, which recently acquired Interactive Light, holds ten patents and owns a stable of VR arcade games including VR Vortek
featuring Heavy Gear II
, Home Run Derby
, and Kick It
. Global VR's games are located in locations like Jillian's, Dave and Buster's, SEGA GameWorks, Cyberstation, Caesar's Palace, Sea World, and the Six Flags parks.
Under the arrangement, Milind Bharvirkar, currently president of Global VR, will assume the responsibilities of chief executive officer of the new combined company, while L. Kelly Jones, currently GameCom's CEO, will continue in his role as chairman of the board of directors.
"This acquisition should provide the combined company access to new capital markets to sustain manufacturing capabilities for the recent increase and demand for both Global VR's new products as well as GameCom's 'Net GameLink'", said Milind Bharvirkar, Global VR's president.
After the acquisition, GameCom will have combined manufacturing capabilities and collective strategic alliances with Activision, Computer Associates, Intel, Ritual Entertainment, Fastrak, and AMD.