Mag Garden to Be Acquired by Production I.G.

Japanese anime studio Production I.G. has issued a press release announcing that it will acquire manga publisher Mag Garden on December 1st, 2007 through a stock swap.

Production I.G., which currently owns close to 15% of Mag Garden shares, plans to acquire the remainder with one Mag Garden share being exchanged for 0.5 shares of Production I.G. As a result Mag Garden will be delisted from Tokyo Stocks Exchange's "Mothers" Market.

Also announced is that the merger will result in a new company called I.G. Port, which will manage titles from both companies. I.G. Port will be headed by Mitsuhisa Ishikawa, who is the founder and current president of Production I.G.

Source: Anime!Anime!