Elevation Partners to Acquire Take-Two Interactive?

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Written by BuckGB on February 7th, 2006

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In a report published yesterday, the Post claims that Elevation has teamed up with Pequot Capital, a hedge fund which owns a significant chunk of stock in the embattled publisher - which is currently facing further lawsuits over last year's "Hot Coffee" affair, where a hidden "pornographic" game was found in Grand Theft Auto: San Andreas.

Elevation's involvement with the videogames industry is significant - the fund, which numbers celebrities such as U2 frontman Bono among its major investors, previously tried to buy British publisher Eidos, but its bid was beaten by one from SCi.

Late last year, however, Elevation got the entry into the industry it was seeking when it acquired leading North American developers Bioware and Pandemic, merging them into a single "super-developer" in a deal worth some $300 million.

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