THQ assets acquired by private investment firm Clearlake
Saints Row publisher to continue operating without interruption.
THQ has entered into an Asset Purchase Agreement with Clearlake Capital group, a private investment firm focused on special situations and private equity investments, to acquire all of THQ’s operations, businesses, studios, and games in development.
The sale, according to the press release, will allow the publisher to “shed certain legacy obligations and emerge with the strong financial backing of a new owner with substantial experience in software and technology.”
As part of the sale, THQ has filed for Chapter 11 bankruptcy in the U.S. court. During the sale period, THQ will continue operating without interruption. All four of the company’s studios will remain open, and game development will continue.
“The sale and filing are necessary next steps to complete THQ’s transformation and position the company for the future, as we remain confident in our existing pipeline of games, the strength of our studios and THQ’s deep bench of talent,” said Brian Farrell, Chairman and CEO of THQ. “We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong financial partner for our business, and we hope to complete the sale swiftly to make the process as seamless as possible.”
THQ president Jason Rubin added, “We have incredible, creative talent here at THQ. We look forward to partnering with experienced investors for a new start as we will continue to use our intellectual property assets to develop high-quality core games, create new franchise titles, and drive demand through both traditional and digital channels.”
The official bankrupcty filing has listed a number of games both known and unannounced (*) in development at THQ, including:
- Saints Row 4* (Volition, Inc.)
- Company of Heroes 2 (Relic Entertainment)
- Homefront 2 (Crytek UK)
- Darksiders II (Vigil Games)
- WWE 2014* (Yukes and THQ)
- Metro: Last Light (4A Games)
- South Park: The Stick of Truth (Obsidian Entertainment)
- Evolve* (Turtle Rock Studios)
- 1666* (THQ Montreal)
- Crawler* (Vigil Games)
- Atlas* (Relic Entertainment)