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[ March 22nd 2005 ]

Shares in video-game publisher Eidos have climbed 15% during morning trade following an announcement this morning that Bono's Elevation Partners had made a successful bid for the beleaguered publisher. U.S. private equity group Elevation Partners - which includes U2 singer Bono and former Electronic Arts president John Riccitiello - offered 50 pence for each Eidos share for the whole of the issued and to be issued share capital of Eidos. The bid values Eidos at approximately GBP 71.0 million.

Eidos bolsters an arsenal of leading IPs including the phenomenally successful Tomb Raider franchise, now under the charge of acclaimed Soul Reaver creators Crystal Dynamics, the Hitman series, developed by IO Interactive, and Championship Manager, now under the aegis of Beautiful Game Studio. This morning's announcement brings to an end months of speculation on the future of Eidos, its employees and shareholders.

Elevation Partners describes itself as "a newly formed private equity firm that makes large-scale investments in market-leading media, entertainment, and consumer-related businesses. Elevationís focus is on intellectual property businesses where it can partner with management to enhance growth and profitability through a combination of strategic capital and operational insight."

Elevation Partners include: Fred Anderson (former EVP and CFO of Apple Computers), Marc Bodnick (founder of Silver Lake Partners), Roger McNamee (founder of Silver Lake Partners and Integral Capital Partners), Bret Pearlman (former Senior Managing Director of The Blackstone Group), John Riccitiello (former President and COO of Electronic Arts) and Bono (lead singer and co-founder of U2).

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