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GameStop Acquires Micromania, France´s Leading Video Game Retailer from Private Equity Fund L Capital

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GameStop (NYSE: GME), the worlds largest

video game retailer, today announced that it has reached a definitive

agreement to acquire Micromania, Frances

leading video game retailer with 332 locations throughout the country,

from private equity fund L Capital, its controlling shareholder.

GameStop, which currently has no stores in France, will operate 5,889

locations worldwide in the United States, Canada, Australia, New Zealand

and, with the Micromania acquisition, the European store count will top

1,077 stores located throughout France, Italy, Germany, Austria,

Switzerland, Sweden, Norway, Denmark, Finland, Ireland, Spain and


The transaction, for approximately US$700 million (480

million) in cash, including the assumption of debt, is subject to

clearance by the European Commission, and is expected to close in

November of 2008. Under the terms of the agreement, GameStop will

purchase virtually all of the outstanding shares of the company.

GameStop intends to fund the transaction through cash on hand, a draw on

its existing revolving credit facility, and a $150 million committed

term loan from Bank of America.

R. Richard Fontaine, GameStops Executive

Chairman, said, As we have accelerated our

growth in Europe over the years, we have kept a close eye on the

European retailers whose passion for the business is reflected in the

quality of their stores and evident knowledge of their staff. Micromania

has been that type of retailer.

When the opportunity arose to purchase Micromania, and after meeting the

executives who lead the company, we became convinced that expanding into

Europes second largest video game market with

Micromanias management team and GameStops

diverse experience was a great combination for profitable growth.

Daniel A. DeMatteo, GameStops Chief

Executive Officer, indicated that, The

transaction is a reflection of our belief that the European video game

market is growing and will be an important part of GameStops

worldwide growth.

Historically, our most productive use of capital has, by far, been the

addition of new stores whether opened organically or acquired. With the

addition of Micromania, we have begun deployment of capital that we

believe will help us achieve EPS growth of 25% or more in fiscal 2009,

and set GameStop up for continued growth in the years to come. We expect

this acquisition to be accretive to our fully diluted EPS in both the

fourth quarter of fiscal 2008 and fiscal 2009.

Pierre Cuilleret, who will remain Micromanias

President Directeur Général,

said, Micromania is a terrific brand. I am

particularly pleased that the GameStop management team recognized the

impassioned quality and importance of our sales advisors and senior

managers. With GameStop as a partner, and with their history of seeking

out new growth opportunities, I am very enthusiastic about our potential

to expand the brand that has been built for over 25 years in France.

Philippe Franchet, Senior Partner of L Capital, said, Our

strategy, engaged in 2001, to build the leading video games retailer in

France under the management of a top quality team has paid out. It is

this strategic position and the quality of the management team, under

the leadership of Pierre Cuilleret, that the world leader GameStop has


Citi acted as financial advisor to GameStop, and Lazard Frères

acted as financial advisors to Micromanias

shareholders. Bryan Cave LLP served as legal advisor to GameStop and

Ayache, Salama & Associés served as legal

advisor to Micromanias shareholders.

About GameStop Corp.

Headquartered in Grapevine, TX, GameStop Corp. is the world´s largest

video game and entertainment software retailer. The company operates

5,557 retail stores in 16 countries worldwide. The company also operates

two e-commerce sites, GameStop.com and EBgames.com, and publishes Game

Informer(R) magazine, a leading multi-platform video game publication.

GameStop Corp. sells new and used video game software, hardware and

accessories for video game systems from Sony, Nintendo, and Microsoft.

In addition, the company sells PC entertainment software, related

accessories and other merchandise.

General information on GameStop Corp. can be obtained at the company´s

corporate website: http://www.gamestopcorp.com.

About Micromania

Founded in 1983, Micromania is the leading video game retailer in France

with 332 stores. Since the end of August 2005, when Pierre Cuilleret

(founder of The Phone House) became President of Micromania, the company

has strengthened its position as a leader, opening more than 130 stores

in 3 years. Micromania team members share a successful, growth focused

culture, founded on a passion for video games, offering personalized

advice and customer service. With annual revenues on a current run-rate

exceeding 500 million, Micromania continues

to build on its strong brand reputation. With its Megacarte loyalty

program, and with initiatives such as the launch of its Pink Megacarte,

hosting of in-store discovery events for senior people, Micromania has

contributed to opening the video games market to a wider audience.

About L Capital

L Capital is a private equity fund sponsored by the luxury group LVMH.

It has about 600 million under management,

and is focused on aspirational brands with high development potential

and selective distribution. L Capital had acquired a minority stake in

Micromania in 2001 before taking the control of the company in 2005.

Since then, Micromania has grown significantly from 81 to 332 stores and

from 83 to over

500 millions in sales, to become today the first video games retailer in

France. L Capital has 3 offices in Paris, Milan and Madrid and makes

investments throughout Europe. Since 2001, L Capital has made 20

investments including Antichi Pelletieri, Gant, EMU, Stroili Oro, La

Gardenia, Micromania, Forte Pharma, Imaginarium, Nutrition & Santé,

Calligaris, Groupe Bertrand, Piazza Sempione, Princess Yachts, etc.

For additional information, contact Philippe Franchet at +33 1 44 13 42

34 or by cell at +33 6 86 37 08 58.

Safe Harbor

This press release contains forward-looking statements within the

meaning of the Private Securities Litigation Reform Act of 1995. Such

statements may include, but are not limited to, the proposed acquisition

of Micromania, future financial and operating results, projected store

openings, the companys plans, objectives,

expectations and intentions and other statements that are not historical

facts. Such statements are based upon the current beliefs and

expectations of GameStops management and are

subject to significant risks and uncertainties. Actual results may

differ from those set forth in the forward-looking statements. The

following factors, among others, could cause actual results to differ

from those set forth in the forward-looking statements: the failure to

close the Micromania acquisition, as a result of the inability to

satisfy the closing conditions or otherwise; the inability to integrate

Micromanias management and operations into

those of the company on a timely and successful basis; the inability to

obtain sufficient quantities of product to meet consumer demand,

including Nintendos Wii; the timing of

release of video game titles for next generation consoles; the risks

associated with expanded international operations; and economic and

other events that could reduce or impact consumer demand. Additional

factors that could cause GameStops results

to differ materially from those described in the forward-looking

statements can be found in GameStops Annual

Report on Form 10-K for the fiscal year ended February 2, 2008 filed

with the SEC and available at the SECs

Internet site at http://www.sec.gov/

or http://investor.gamestop.com.

L Capital

France :

L Capital

Philippe Franchet


33 1 44 13 42 34


DGM Conseil

Michel Calzaroni /Olivier

Labesse / Sonia Fellmann

+ 33 1 40 70 11 89


UK :



Hugh Morrison

+ 44 207 153 15 34




Community Group

Financial and Corporate Press


Palomba / Roberto Patriarca

+39 02 89 40 42 31


US :


& Company

James Fingeroth / Victoria Weld / Molly Morse







Olivera, 817-424-2130

Vice President,

Corporate Communications




Hodges, 817-424-2130


Investor Relations

01 oct.: Denial of the claims made in the Canard Enchaîné article dated Oc..

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