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Sony Interactive Entertainment to acquire Spider-Man developer Insomniac Games

Sony Corp. unit Sony Interactive Entertainment Inc. agreed to fully acquire U.S.-based Insomniac Games Inc., the developer of PlayStation games "Marvel's Spider-Man" and the "Ratchet & Clank" franchise.

The companies did not disclose the financial terms of the transaction.

Following the completion of the deal, which is subject to regulatory approvals and other closing conditions, Insomniac Games will join the global development operation of Sony Interactive Entertainment Worldwide Studios.

The day-to-day operations at Insomniac Games after the completion of the acquisition are expected to be run by the existing management team in conjunction with SIE WWS San Mateo Studio, according to an Aug. 19 news release.