France's Ubisoft sells stake in Gameloft

PARIS - French video games group Ubisoft () said it had sold its 18.89 percent stake in Gameloft (), Europe's biggest provider of games for cell phones, to French bank Calyon () for 81.3 million euros ($112.2 million).

The sale price was 6.08 euros per share, based on Gameloft's closing share price on July 12, 2007, the statement said.

Ubisoft also entered into an equity swap agreement with Calyon under which Calyon has 24 months to sell the 13.4 million shares it bought on the market.

"All changes in the Gameloft share price compared with Calyon's purchase price of 6.08 euros will be recorded in full by Ubisoft," it said.

The transaction will thus affect Ubisoft's income statement and generate cash inflows only when Calyon sells the Gameloft shares.

yahoo.com/