Crytek complete acquisition of Free Radical, 40 jobs saved.

Following the bankruptcy and subsequent downfall of Free Radical Design, many of the game industry's critics feared the worst for the UK based developer.

After 140 job losses in December, ReSolve Partners were left with the responsibility of finding a buyer for the Haze developer. Many companies had a "strong interest" in a possible purchase but no further details had surfaced until earlier this week, when German based Crytek emerged as the lead bidder.

A deal, which will save 40 jobs, was confirmed earlier today. "We are pleased to announce that a sale completed to Crytek late last night thus preserving over 40 jobs," commented Cameron Gunn of ReSolve Partners. A formal statement is expected later today, as finer details are still yet to be revealed.

Whether or not Crytek will also acquire popular Free Radical properties such as TimeSplitters and Second Sight remains to be seen, however TimeSplitters 4 is almost certainly still on the cards.

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Good news in the current economic climate. Just goes to show that there is money out there and it's up to the management to decide whether or not it's worth the risk spending it.