Jack Tretton, formerly President of PlayStation USA, currently serves as CEO of PowerUp Acquisition. As Tretton confirmed in an interview, he plans to take over a gaming company with his company. According to Tretton, time will tell whether a studio or a publisher should be taken over.
Most of you will probably remember Jack Tretton as President of PlayStation USA and from his E3 presentations.
Tretton held the post of US PlayStation boss between 2006 and 2014. He now works as CEO at PowerUp Acquisition. A so-called “Special Purpose Acquisition Company” (SPAC), which allows investors to invest their money directly in specific markets. In the case of PowerUp Acquisition into the video game market. As Tretton confirmed in an interview, his company plans to acquire a gaming company.
It remains to be seen whether a studio or a publisher will be taken over. According to Tretton, the only thing that is certain is that potential takeover candidates have to fit into the budget of PowerUp Acquisition. This is between one and two billion US dollars.
Refurbishment projects should be avoided
In February alone, PowerUp Acquisition is said to have raised around 250 million US dollars for investments. This was able to reduce the original plan of completing the acquisition of a game company in 18 months to 15 months. “The fact that we were willing to go to 15 months and sweeten the pot for investors,” Tretton said. “I think that was an indication that we were very confident that there were a number of enormous targets out there that we could land.”
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According to Tretton, those responsible for PowerUp Acquisition are looking for developers or publishers where everything runs smoothly internally if possible. On the other hand, his company has no interest in takeover candidates that first have to be brought back on course. Tretton did not reveal which companies are being considered.
According to Tretton, he is more interested in classic video game companies, while PowerUp Acquisition’s investors are open to the still hotly debated NFT and cryptocurrency gaming sector.
Source: axios
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