GameStop to acquire social gaming company

GameStop Corp. said Tuesday it will acquire Kongregate, a social gaming destination and community for core gamers representing the fast-growing free-to-play gaming market. Kongregate will operate as a wholly owned subsidiary of GameStop Corp., said the company, and maintain its current offices in San Francisco.The transaction is expected to close on Aug. 1.According to GameStop, acquiring Kongregate strengthens its digital platform. “Kongregate advances GameStop’s digital strategy by providing a gaming platform for casual, mobile and browser games that can be promoted and played by our existing gamers,” said J. Paul Raines, GameStop CEO.Since launching its website in 2007, Kongregate.com