THQ[Techtaffy Newsdesk]

The U.S. Bankruptcy Court has granted THQ’s motion to sell the majority of the company’s assets to multiple buyers. A formal order is expected on Thursday.

The court approved the sales of three of THQ’s owned studios and games in development, as well as Evolve, a working title under development at Turtle Rock Studios, Homefront 2, Metro: Last Light and South Park: The Stick of Truth.

Under the terms of the agreements with the successful and approved bidders, the THQ estate will receive approximately $72 million, making the total estimated value of the estate $100 million including certain assets and other intellectual properties which were excluded from the sale.

The court approved the sale of Relic Studios to Sega for $26.6 million; the sale of Volition and Metro: Last Light to Koch Media for $22.3 million and $5.9 million, respectively; the sale of Homefront 2 to Crytek for $0.5 million; the sale of Evolve to Take-Two Interactive Software, for $10.9 million; and the sale of THQ Montreal and South Park: The Stick of Truth to Ubisoft for $2.5 million and $3.3 million, respectively. Excluded from the sales were the company’s publishing businesses, Vigil Games, and certain other assets and intellectual properties, which will remain part of the THQ estate and will continue in the Chapter 11 process.

Brian Farrell (Chairman and CEO, THQ): I am heartened that the majority of our studios and games will continue under new ownership.

The new owners have not articulated their plans for the assets, or their intentions to extend employment to THQ employees included in the sale,  though THQ says it expects the new owners to extend employment to most employees and to continue development of the games.

[Image courtesy: THQ]

The assets that are not included in the sale agreements will remain part of the Chapter 11 case.

Clearlake Capital Group had submitted a ‘stalking horse’ bid for substantially all of THQ’s assets in December 2012. In accordance with Section 363 of the U.S. Bankruptcy Code, the Court supervised an auction to determine the highest and best bids for the company’s assets. Clearlake will receive a break-up fee of $1 million, as stated in its stalking horse asset purchase agreement.

THQ and its domestic business units filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Court for the District of Delaware on Dec. 19, 2012. The Chapter 11 case will continue for THQ.