THQ Gone, Assets Split Up At Auction

THQ's assets were split up at auction yesterday and today. Sega, Koch Media, Ubisoft, Take-Two and Crytek each take home the assets they wanted leaving very little left of the company. Most employees should be picked up by the new owners in due time.

A letter was sent to all THQ employees detailing how the split up went down, and that the total auctioned amount surpassed the $60 million original bid by Clearlake Capital Group.

Sega took home Relic Entertainment, developer of Company of Heroes and Warhammer 40K: Dawn of War Series. Koch Media picked up Volition, creators of the Red Faction and Saints Row games, and also the Metro brand.

Ubisoft snatched up THQ Montreal and also the recent South Park: The Stick of Truth title. Take-Two ended up with Evolve, a new title from THQ, and Crytek purchased Homefront, the sequel to which they are already developing. It seems that no one picked up Vigil games or the WWE license.

"We expect that most employees of the entities included in the sale will be offered employment by the new owners," THQ president Brian Farrell and CEO Jason Rubin told employees in the letter. "However, we cannot say what these owners may intend, and there will likely be some positions that will not be needed under the new ownership."

The rest of the THQ crew will lose their jobs this week, other than a small staff which will assist with the transition. The writer of the Distressed Debt Inventing blog stated that total auction proceeds were near $100 million.