Sony said on Monday it has agreed to buy cloud-gaming firm Gaikai for $380 million in an all-shares deal.
Sony Computer Entertainment said today that it has entered into a definitive agreement to acquire Gaikai, a California-based cloud-gaming company, in an all-shares deal for approximately $380 million.
Established in 2008, Gaikai provides a cloud-based platform that enables users to stream games on an array of devices.
Gaikai previously partnered with Samsung and LG to provide cloud-based games for their smart TVs, such as Mass Effect 3 and Need for Speed: The Run.
The acquisition will help Sony ramp up its online content offerings: it is now planning to establish a new cloud service based on Gaikai's platform in order to provide "immersive interactive entertainment experiences".
The deal comes only a matter of weeks after the E3 expo, at which Gaikai's chief executive David Perry flat out denied there was any deal between the two companies.
However, in early June, Fortune reported that the cloud-based game streaming company hired bankers to help it find a buyer and expected a deal "well in excess" of $500 million.
"We're honored to be able to help Sony rapidly harness the power of the interactive cloud and to continue to grow their ecosystem, to empower developers with new capabilities, to dramatically improve the reach of exciting content and to bring breathtaking new experiences to users worldwide," Perry said in a statement on Monday.
The deal will close subject to regulatory approval, although a date for the completion of the deal is not yet known.