Perfect World completes acquisition of Cryptic Studios

Chinese MMO developer Perfect World has completed its acquisition of Cryptic Studios from Atari.

The deal was announced in May, with Perfect World paying around €35 million ($50.2m/£30m) in cash for the company.

"This strategic acquisition will add attractive game titles to our portfolio, which will help us further penetrate into the US and global online game markets," Michael Chi, chairman and CEO of Perfect World, said at the time.

"More importantly, Cryptic Studios' highly reputable development team and its technology platform will further strengthen our well established R&D capabilities. We deem this as another noteworthy achievement of our global expansion efforts."

Cryptic is currently developing the free-to-play MMO Champions Online, as well as content for Star Trek Online and the Dungeons & Dragons RPG Neverwinter. Perfect World also purchased a controlling stake in Torchlight developer Runic Games in may last year.

Atari will use €21.6 million from the sale to pay a portion of its debt to BlueBay, with the balance funding projects in the social and mobile markets.