French publisher LSP has been bought out by one of its partners, Canadian firm Hip Interactive, in a move which will give Hip access to European markets for its range of games and gaming accessories.
Under the terms of the deal, Hip has purchased all of the outstanding shares in LSP for the sum of â'¬3 million, with Hip president and CEO Arindra Singh claiming that this acquisition may be the first of several.
"The acquisition of LSP represents a first step in our strategy to grow the division globally," according to Singh, "and we are currently looking at other acquisition opportunities in video game publishing."
Hip Interactive operates two key brands, with the Hip Games division focused on the publishing of videogames while the Hip Gear division manufactures and distributes game accessories and peripherals.
The company is expected to leverage LSP's existing distribution channels to establish both the Hip Games and Hip Gear brands across Europe - while for LSP, the deal means that the company now has better access to the lucrative North American market.
"Having worked with Hip for over a year in a very productive relationship, we at LSP are very excited about the combination of these two companies," according to LSP COO Olivier Goulon. "Not only does LSP now have full access to Hip's North American distribution network, but with the growth potential in the publishing and accessories businesses in Europe, we see a great opportunity to establish Hip as a key player in Europe with its Hip Gear and Hip Games brands."