Bono buys Eidos @ Gaming Target

Written by John Scalzo on March 22, 2005

News: It's a "Beautiful Day" as the house that Lara Croft built has finally been purchased.

After fielding offers and listening to speculation on the possible buyout prospects from everyone from Ubisoft to Rupert Murdoch, Eidos finally has a buyer. Elevation Partners, an investment group led by U2 lead singer Bono (and no doubt named for their song of the same name) and former EA president John Riccitiello, have purchased the struggling company for $136 million. This is well above Eidos' stock price at the time and has caused the stock to jump 20% today.

John van Kuffeler, Chairman of the Board of Eidos, said today: "I am pleased to announce the cash offer by EM Holding Corp. and bring to an end the uncertainty which the Company, its shareholders and employees have endured during recent months. Our recent interim results reflect the financial and strategic issues facing Eidos. The Board firmly believes that shareholders' interests are best served by a sale of the Company."

We'll have more as it develops.