Japan game software firms Square, Enix to merge

Updated:07:53 PM CEST Sep,04

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Gameguru Mania News - Nov,26 2002 -

Japan game software firms Square, Enix to merge - briefly
(hx) 05:57 PM CET - Nov,26 2002 - Post a comment
Japanese game software makers Enix, known for its blockbuster "Dragon Quest" series, and Square, maker of "Final Fantasy", said on Tuesday they would merge to help fight off intense competition. Enix and Square said the deal would be worth about 89 billion yen ($727 million) based on Enix's pre-announcement share price. The pact comes as Japanese video game software makers are facing rising development costs to create games for advanced systems such as Sony PlayStation 2 and Microsoft Xbox in a heavily saturated market. With Sony and Microsoft both gearing up online game services, software publishers are also feeling pressure to develop costly network games to pave the way for future growth.
"We're going on the offensive with this merger. This will make our strengths complement each other," said Square President Yoichi Wada, who will become president of the new firm.

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