Midway Games, based in Chicago, will acquire The Pitbull Syndicate, based in Newcastle for 199,385 shares of Midway (roughly $3.1 million based on current share price) to Pitbull owners.

In addition, Midway has agreed to provide 25,146 in additional shares to key employees as retention incentives. Pitbull employees who will receive retention incentives as part of the acquisition were named as Pete Brace, Ian Copeland, Gavin Freyberg, Jonathan Kay, Daren Kelly, Mark Leadbeater, Ben Marsh, Chris McClure, Stewart Neal, Mark Wilkinson, and Chris Wood.

Midway has worked closely with Pitbull on redesigning its L.A. Rush franchise (Xbox) (PS2), and the publisher stated in their announcement that Pitbull was working on several next generation projects for Midway.