3DFX closes Shop
5:38 PM | Tom Bridge | Comment on this story
3D card maker 3dfx announced this afternoon that they would close their doors and sell their remaining holdings to NVidia for $112 million. $70 million in cash and 1 million shares of NVidia common stock will go to 3dfx in exchange for their remaining Voodoo 3 and Voodoo 5 cards. They will close their Juarez, Mexico factory immediately. Here's the press release:
SANTA CLARA, CA – DECEMBER 15, 2000 – NVIDIA® Corporation (Nasdaq: NVDA) today announced that it has signed a definitive agreement to acquire certain graphics related assets of 3dfx Interactive (Nasdaq: TDFX), a pioneer and a recognized leader in graphics technology. These graphics related assets include, but are not limited to, patents, pending patent applications, trademarks, brand names, and chip inventory related to the graphics business of 3dfx. In addition, 3dfx and NVIDIA have agreed to stay the patent infringement litigation between them through the closing of the transaction, at which time it will be jointly dismissed with prejudice.While this is not entirely surprising, it certainly is shocking to see a manufacturer who has been making quality products for some time dissolve. Our thoughts are with them.
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Under the terms of the agreement, NVIDIA will pay to 3dfx a total consideration of $70 million in cash and 1 million shares of common stock. The asset acquisition has been approved by the board of directors of each company and is subject to 3dfx shareholder approval, the satisfaction of regulatory requirements and other customary closing conditions. This acquisition will be accounted for as a purchase and is expected to be complete in the first quarter of NVIDIA's fiscal year 2002.
Founded in 1994, 3dfx was an early pioneer in the 3D graphics industry and has been recognized for its ability to bring some of the world's finest games, educational content, interactive entertainment and media-rich business applications to life.
NVIDIA To Acquire 3dfx Core Graphics Assets
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