Infogrames Completes Purchase of Atari

Publisher Infogrames today announced that it has acquired the remaining shares of Atari for $11 million, making the ailing company a wholly-owned subsidiary.

Infogrames previously held a majority stake of 51.4% in Atari.

"Bringing Atari US and Infogrames businesses together will enable us to create a simplified global structure for our business as we seek to re-build a well-managed, cohesive and financially disciplined company," said Infogrames CEO David Gardner.

Atari had been financially troubled for months, posting losses quarter after quarter. As part of the merger, Infogrames has agreed to lend Atari $20 million in cash.