"In the ever-changing world of entertainment software, the most important issue facing companies today is how quickly they can grow as the marketplace and opportunities for business expand and diversify. Enix and Square's response to this issue is the merger announced today... together, we will aim to become producer of the highest-quality digital contents in the world."
With this announcement, Square and Enix have unveiled their plans for a complete merger, which will take place on April 1, 2003. The new company will be known as Square Enix.
Because Enix is buying Square, the company will theoretically be disbanded and Enix will "absorb" it--however, with all of Square's current projects, it is unlikely we'll see any sort of delay or change of plans in previously announced titles.
Currently, it is known that Enix shareholders will get a new shares in the company on a one-to-one scale, while Square stockholders will get new shares in the company on a scale of .81 shares for every share they currently own in Square. Also, Yoichi Wada, the current president of Square, will also be in charge of the company.
Square and Enix have released financial projections and other minor details on the merger, but have also scheduled a press conference later in the week to discuss details.
[Sources:] Gameforms, RPGamer.
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