Walt Disney to acquire all of Indiagames in $80-100 mn deal

The Walt Disney Company has acquired the entire equity stake in Indiagames, for an estimated $80-100 million, a developer and publisher of mobile and online games, and an announcement is expected on Friday.

At present, Walt Disney holds about 57-per cent stake in Indiagames, following the complete acquisition of UTV Software and Communications early this year, according to a media reports.

The remaining is held by founder and promoter Vishal Gondal and investors like Cisco Systems, Adobe and others, The Economic Times reported.

Repeated attempts to get in touch with UTV Software Communications and Indiagames failed. Vishal Gondal, chief executive officer of Indiagames, could not be reached over phone.

However, sources close to the development confirmed the stake sale to Business Standard.

On July 26, Walt Disney, which holds 50.4-per cent stake in UTV, had proposed to acquire the shares it does not already own in the company and delist them from all bourses.