IP E-Games merges with Level Up!

IP E-games and Level Up Inc. is merging. The corporate disclosure recently filed at the Philippine Stock Exchange reads:

IP E-Game Ventures Inc. (E-Games), the listed online gaming subsidiary (PSE:EG) of IP Ventures, Inc., and Level Up! Inc. (LUI), have reached an
agreement to merge their Philippine online game publishing businesses. On February 14, the parties signed an agreement stating that most of E-Game’s titles and assets relating to its game publishing business will be transferred to LUI and the publishing operations of said titles will be merged into LUI’s associated online game publishing company, Playweb Games Inc.

In exchange, E-Games will receive equity in LUI, a commercial interest in Playweb Games Inc. (game publisher and operator of all game titles and services under the Level Up! brand in the Philippines), and a cash consideration.  The parties shall work in good faith to complete the deal. The appropriate disclosures and comprehensive statements shall be made at the appropriate time.

E-Games and LUI, as a merged entity, is expected to strategically benefit both companies as a result of future operational synergies and savings.