Deal Watch: Gamers make a killer Diller deal

| Print |  Email
Thursday, November 01, 2007

GarageGames.jpg

Barry Diller has a 300-foot yacht, Diane von Furstenberg for a wife and a portfolio of Internet companies (from the Home Shopping Network to LendingTree.com) under his IAC/Inter Active Corp. business. But now the man who brought us the Fox Television Network also has a majority stake in an 8-year-old computer game development business in Eugene.

GarageGames, a 70-employee company known for its Torque Game Engine (an engine is software that game developers license to render graphics and run the basics of game play), came into the IAC fold for a figure reported by Portfolio magazine to be around $50 million. For that, Diller’s company got a majority stake in the Eugene development shop and the promise of a foothold in the frontier of Web browser-based gaming.

Last month, GarageGames unveiled its InstantAction online game environment at the Indie Games Conference in Eugene. InstantAction is what first attracted Diller to GarageGames and promises to deliver all the shoot-’em-up action of games played on consoles, such as the latest iterations of Xbox and Playstation, but with the convenience of being run through your Web browser.

GarageGames’ CEO, the fresh-faced Josh Williams, assures his fellow gamers in a blog post that the deal with IAC is very much in line with his philosophies. “IAC has acquired a majority of the equity at GG,” Williams writes. “However, we used a very unique structure in our deal with them. While IAC now has the majority of the future economic value of GG, we continue to run the shop right here in good old Eugene, Oregon.”

CHRISTINA WILLIAMS

MERGERS AND ACQUISITIONS
ANNOUNCED EXP. CLOSE BUYER/PARENT (HQ) SELLER (HQ) / PARENT PRICE (TERMS)
Aug. 30 Q3 ’07 CNET (CA) VersionTracker (Portland) ND





Sept. 10 Q3 ’07 RadiSys (Hillsboro) modular communications platforms business /Intel (CA) $31.75m (cash)





Sept. 14 Q1 ’08 FLIR Systems (Portland) Cedip Infrared Systems (France) $86.4m (cash)





Sept. 18 Q3 ’07 IAC (NY) GarageGames (Eugene) ND





REAL ESTATE TRANSACTIONS
ANNOUNCED BUYER/PARENT (HQ) REAL ESTATE (LOCATION) / SELLER (HQ) PRICE
Sept. 5 3D Investments Oregon City Shopping Center (Oregon City)/ Kimco Realty $30.5m




Sept. 12 Holland Partners (WA) Stoneridge at Cornell (Portland)/ Fairfield Residential LLC $21.13m




Sept. 19 Wilson Meany Sullivan (CA) Stonesthrow Apartments (Tualatin)/ Acacia Capital $27.5m




Sept. 19 Donnelly Museum Building LLC office building (Portland)/ Abernathy Partners $1.3m




Sept. 20 LaCamas LLC LaCamas Center (WA)/ H&O Properties GP $10.5m




Sept. 20 Westbridge Properties (CA) Glen at Burnt Bridge Creek (WA)/ Brandt Management Group; Janet McCulloch Trust $15m




Sept. 24 Green Leaves Healthcare Pharmacy (CA) Walgreens (Portland)/ Eagle Children’s Trust $5.4m




Sept. 26 Chadell II LLC office building (Beaverton)/ McClusky Petruzelli Skourtes LLC $2.15m




Sept. 26 LRS Architects office condo (Portland)/ Winkler Development $7.31m




Sept. 26 MDRI Properties LLC 14.2 acres (Portland)/ Ferguson Enterprises $3.6m




Sept. 27 Davais Properties LLC industrial property (Hillsboro)/ Jan Eric Nordmo $2.08m




Sept. 27 G&Rays LLC Ray’s Food Place building (Eugene)/ Arthur C. Piculell Jr. & Dee W. Piculell $9m




Sept. 27 Amax LLC America’s Best Inn (Aloha)/ American Hospitality Investments LLC $2.61m




Sept. 28 Nearside LLC retail building (Portland)/ 23rd & Kearney Street LLC $2.65m






CAPITAL RAISING
ANNOUNCED COMPANY (HQ) / LEADERSHIP INVESTOR PRICE (TERMS)
Sept. 7 Bioject Medical Technologies (Portland)/ Jerald S. Cobbs, chairman Partners for Growth $500,000 (term loan + warrants)




Sept. 7 Umpqua Holdings (Portland)/ Raymond P. Davis, CEO statutory trust/LaSalle Bank $20m (private placement)




Sept. 17 Oregon Community Health Information Network (Portland)/ Abby Sears, CEO U.S. Department of Human Services $4m (federal grants)




Sept. 11 Tillamook Bay Community College (Tillamook)/ Jon Carnahan, president public bond offering $9.86m (general obligation bonds)




Sept. 17 Southwestern Oregon Community College (Coos Bay)/Judith M.L. Hansen, president public bond offering $9.99m (full faith & credit obligations)




Sept. 26 University of Oregon (Eugene)/ Dave Frohnmayer, president NSF & Oregon Nanoscience and Microtechnologies Institute $480,000 (grant)




Sept. 28 Virogenomics (Tigard)/ Adolph J. Ferro, CEO National Institute of Standards and Technology $1.9m (grant )





Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it
 

More Articles

Corner Office: Timothy Mitchell

January-Powerbook 2015
Saturday, December 13, 2014

A look-in on the life of Norris & Stevens' president, plus an abridged Powerlist for the best commercial real estate firms.


Read more...

Light Moves

February 2015
Monday, January 26, 2015
BY JACOB PALMER

Fittingly, Light at Play — a business whose sole purpose is to create mesmerizing ambience — was conceived at Burning Man.


Read more...

Crowdfunding 2.0

News
Tuesday, December 02, 2014
120214-crowdfund-thumbBY LINDA BAKER

A conversation with attorney Erich Merrill about the latest way to raise money from large groups of people.


Read more...

Convention Wisdom

February 2015
Monday, January 26, 2015
BY KIM MOORE

After more than a decade of wrangling, construction on a convention center hotel in Portland is slated to start this summer. But debate over project financing continues.


Read more...

That's Not a Watch (This Is a Watch)

February 2015
Tuesday, January 27, 2015

Smartwatches are all the rage. But old-fashioned timepieces keep on ticking.


Read more...

Streetfight

News
Sunday, December 07, 2014
BY LINDA BAKER

On Friday, Uber switched on an app — and with one push of the button torpedoed Portland’s famed public process.


Read more...

Raising the Stakes

February 2015
Monday, January 26, 2015
BY LINDA BAKER

The 2014 Bend Venture Conference set a record for the most cash, investments and prizes awarded at an angel conference in the Pacific Northwest. Investments in the six winning companies exceeded $1 million. The 11th annual conference was hosted by Economic Development of Central Oregon.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS