GAME acquires Oz retailer for AUD $3.8 million

High Street specialist GAME has acquired Australian videogame retailer The Games Wizards for AUD $3.8 million (2.2 million euro).

Based in Sydney and with 14 company-owned stores and eight franchises across the continent, The Games Wizards has been operating for over ten years.

"The acquisition of The Games Wizards provides the group with an established business and a low cost entry to this important market," said Martin Long, chief executive of the Game Group.

"The specialist video games retail sector is already well established and in terms of software revenue Australasia is larger than Spain, Italy, Benelux and the Nordic region".

"Australia is an attractive games market with good growth dynamics and offers the potential to develop our international business further alongside our existing growth plans," he added.

The Games Wizards reported sales of AUD $19.7 million (11.7 million euro) in the financial year ending June 30th 2006, with losses of AUD $1.6 million (952,000 euro).