Publisher JoWood has announced that DreamCatcher will become a wholly owned subsidiary and continue to operate from its office in Toronto, Canada. The acquisition will be completed through a share deal whereby JoWood will increase its share capital so that shareholders of DreamCatcher will hold a 23 percent stake in JoWood once the deal is finalised.
JoWood is one of the largest publishers of German-language games and is responsible for titles such as the Gothic 3, The Guild 2, and Panzer Elite Action.
DreamCatcher launched in 1996 and is best known for the first-person shooter Painkiller, as well as point-and-click adventure game division The Adventure Company titles Syberia, Still Life, Keepsake, and Dark Fall.
Richard Wah Kan, president and CEO of DreamCatcher, said he was pleased to announce the deal. "JoWood possesses a great lineup of titles, supported by some dynamic brands, and we are thrilled about helping to further grow those brands in North America," he said in a statement. "There are some incredible synergies that are now in place that will enable us to build a very strong global company."
The move is also expected to improve JoWood's presence in North America. Albert Seidl, CEO of JoWood Productions Software AG, added that the bringing together of the two companies would let JoWood immediately start marketing DreamCatcher titles. "We are looking at DreamCatcher as our North American counterpart, and there are numerous and important synergies waiting to be exploited by all of us," said Seidl.