MANILA, Philippines - IP E-Game Ventures Inc., the publicly listed online gaming subsidiary of technology firm IPVG Corp., plans to acquire a chain of 23 Internet cafes under the brand “CyBr,” which is owned and operated by CyberOne Technology Corp.
The parties have signed an agreement and target completion of the sale and purchase of not less than 51 percent of the outstanding capital stock of CyberOne within the next 30 to 45 days. The completion is subject to a confirmatory due diligence. The parties have placed in escrow the majority stock and the indicative purchase price in anticipation of the closing of the acquisition.
E-Games is one of the leading online games publishers in the country offering a portfolio of online games consisting of massively multiplayer online games (MMOGs).
CyberOne operates one of the largest Internet café chains in the Philippines consisting of 18 company-owned and five franchised branches. CyberOne is the most prominent brand of i-cafes focused on servicing the online gaming community. All of their Internet cafes are located in commercial malls and shopping centers around Luzon.
“CyberOne strengthens our position in the online games segment,” Enrique Gonzalez, CEO of IP E-Games, said. “With the founders, we plan on supporting CyberOne’s growth plans with additional capital and management support. CyberOne is an important component of our entire Internet café strategy.”
Jerry Co, president of CyberOne, said: “We look forward to pushing through with our partnership because there is great synergy between our two companies. We believe that it will boost the Internet cafe business in the country.”
In April, IP E-Games successfully acquired Netopia from ePLDT. The acquisition of CyberOne will give the company a total of about 130 i-cafe outlets located in strategic sites nationwide, making it the clear leader in the Internet café space. IP E-Games looks to quadruple its number of outlets in the next three to five years. The acquisition is in line with its strategy of creating a digital consumer platform.