Microsoft Acquires Rare Ltd. It's official

REDMOND, Wash. — Sept. 24, 2002 — Microsoft Corp. today announced it has purchased U.K.-based Rare Ltd., one of the world's leading video game developers, further demonstrating Microsoft's commitment to providing the most innovative interactive experiences available on its Xbox™ video game system. Rare has been the mastermind behind some of the most popular video games in history, including such global multimillion sellers as "GoldenEye 007," "Perfect Dark," "Banjo-Kazooie" and "Donkey Kong 64." Under terms of the $375 million cash transaction, Rare will today begin creating exclusive console gaming blockbusters for Xbox.

With today's announcement, Rare becomes the latest member of a star-studded lineup at Microsoft Game Studios, joining such prestigious worldwide developers as Bungie Studios, the masterminds behind the smash hit "Halo™," named Game of the Year by Electronic Gaming Monthly. Rare's first creation for Xbox, "Kameo," is expected to reach store shelves next spring. Also under development is the highly anticipated sequel to "Perfect Dark." The company is expecting to develop at least five games over the next two years in a variety of genres, including racing, shooters and platformers.

News source: XBox.com

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