Midway Europe Bought for a Single Euro

Midway's managing director for Europe, Martin Spiess, has purchased Midway's UK and French operations for a single euro - approximately 85p as of this morning.

The deal is detailed in a US Securities and Exchange Commission (SEC) document - which also shows that Midway's German MD, Uwe Fürstenberg, has purchased his local operation for an undisclosed sum.

But of course, the one euro bill for Midway in France and the UK isn't the entire picture. There is also the matter of an "Intercompany Agreement" between Speiss' company and Midway Home Entertainment - the parent company. This, states the document, "will result in a payment of approximately One Million Seven Hundred Thousand Dollars ($1,700,000) from MGL (Midway Games Limited, the UK operation ) to MHE at the closing of the transactions."

So, the Midway saga rolls on. Read the actual effect on a game developer here.

^{See also MCV}