Newspaper publisher Axel Springer AG acquired a majority stake in German online gaming provider Gamigo AG, now holding 94.8 percent of the company's stock. The German Federal Cartel Office unconditionally authorized the takeover.
Axel Springer AG bought out Gamigo through its holding company, AS Venture GmbH, which has held shares of Gamigo since 2000. Prior to the acquisition, AS Venture held 47.4 percent of the company's shares.
Based in Hamburg, Germany and originally founded in 2000 as a gaming magazine before launching an online title in 2001, Gamigo AG specializes in the operation and publishing of free-to-play MMOs. The company portfolio comprises over ten released titles, including Last Chaos, Fiesta Online, and Shot Online.
Patrick Steppel joined Gamigo AG's management board where he will oversee "the acquisition, operation and marketing of several MMO games in Europe." Previously, he served as project manager of Axel Springer AG's Corporate Division Electronic Media and was responsible for Gamigo's realignment.
Says Axel Springer AG's Director of Corporate Division Electronic Media Jens Müffelmann: "Gamigo operates in a fast growing market segment, it will quadruple sales this year and it is profitable. Due to that online gaming is to become an important pillar within the digitization offensive of Axel Springer."