TOKYO, May 2 (UPI) -- Japanese toymaker Bandai Co. Ltd. plans to buy Japanese game company, "Pac-Man" creator Namco Ltd., for about $1.6 billion, the Japan Times reports. Bandai is the creator of the popular "Power Rangers." characters.
The merge, scheduled for Sept. 29, will create Namco Bandai Holdings Inc.
The companies said in a joint statement that they saw the merge as critical to their survival, and will benefit from combining both Bandai's character merchandising with Namco's content-development talents, as well as Namco's North American presence and Bandai's presence in Europe and Asia.