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Global Blockchain Technologies signs deal to buy Atari co-founder's gaming company X2 Games for $49.6M

Under the definitive agreement, the buyer will focus on blockchain-integrated gaming and spin off its exchange-related interests

Shaking hands symbolizing blockchain
Under the deal, all of the intellectual property rights to X2 Games' game projects will become part of Global Blockchain

Crytocurrency investment firm Global Blockchain Technologies Corp (CSE:BLOC.U) (OTCMKTS:BLKCF) said Tuesday that it has signed a definitive agreement to buy Atari co-founder Nolan Bushnell’s blockchain-focused gaming company X2 Games Corp for C$49.6 million.

Under the deal, Vancouver-based Global Blockchain will issue 330,519,541 common shares at a deemed price of C$0.15 per share in exchange for all of the issued and outstanding shares of X2 Games.

READ: Global Blockchain Technologies set to buy Atari founder's X2 Games and spin-out its enterprise and exchange division

All of the intellectual property rights to X2 Games' game projects will become part of Global Blockchain. Included will be four digital interactive games for Amazon Alexa. One of these games, titled St. Noire, has a pre-release date set for the first quarter of 2019, with three other Amazon Alexa games set to be launched early next year.

As part of the deal, Global Blockchain will spin out its blockchain exchange interests as it focuses on gaming that integrates blockchain.

Bushnell, who also established the Chuck E. Cheese pizza and video game chain, and Hollywood creative director and visual effects designer Zai Ortiz, will assume key leadership roles in the new entity.

“Bringing Nolan and Zai, as well as their creative works, into BLOC enables us to build a stronger footing in the ever-growing interactive gaming space,” Global Blockchain CEO Shidan Gouran said in a statement.

The deal, subject to regulatory and shareholder approval, is expected to close by year-end.

Shares of Global Blockchain slipped C$0.01 to C$0.06 in Tuesday's Canadian trading. They were little changed at US$0.05 on the OTC Markets.

--This story was updated to give Tuesday's stock trading--


Contact Dennis Fitzgerald at [email protected]

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