Take-Two Interactive Software, Inc. (TTWO) announced that it has entered into definitive asset purchase deal to sell its Jack of All Games distribution business to SYNNEX Corp. (SNX), a leading business process services company whose activities include the distribution of IT systems and software.
The transaction is expected to be valued at about $43.25 million, including $36.50 million in cash and up to an additional $6.75 million based on the achievement of certain items. It is expected to close in the first calendar quarter of 2010.
Under the agreement, SYNNEX will acquire the Jack of All Games business, which primarily distributes third party interactive entertainment software, hardware and accessories in North America. In addition, SYNNEX will serve as a distributor for Take-Two's frontline and catalog titles in North America for Jack of All Games' customers.
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