Asiasoft PHL confirms buyout of Level-Up Games

Online game operator Asiasoft Corp. may soon make its presence felt even more in the Philippines after acquiring Level Up! Inc., one of the country's biggest and most well-known gaming concerns.

 

IP E-Game Ventures Inc. and Level Up! International Holdings Pte. Ltd. are selling their shareholdings in Level Up! Inc. to Asiasoft Corporation Public Company Ltd.

 

Asiasoft announced the acquisition on February 5, and proceeded to buy up Level Up! International Holdings' 70% stake and IP E-Game's 30% stake.

 

Asiasoft's Philippine marketing manager, Rio Encarnado, confirmed the buyout on Friday.

 

"The transaction is expected to be completed in the first quarter of 2014 and Asiasoft will make an official public announcement once the transaction is finalized," she told GMA News Online. — TJD, GMA News