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Bandai Acquires Namco

Bandai Co. has agreed to buy “Pac-Man” designer Namco Ltd. for about 175.3 billion yen ($1.7 billion) in cash and stock to create Japan’s second-largest maker of toys and video-game software.

Bandai purchased 6.3 percent of Namco for 10.5 billion yen in cash, according to a joint statement released today. Namco shareholders will receive one share each in a new combined company per Namco share, valuing their stock at 1,597.5 yen a share.

The Tokyo-based companies will combine on September 29 under the name Namco Bandai Holdings Inc., which will be led by Bandai President Takeo Takasu and Namco Vice Chairman Kyushiro Takagi.

[Source: Bloomberg]

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