EA takes over Codemasters

EA acquires Codemasters Group Holdings PLC in $1.2 billion!

Take-Two’s attempt to takeover Codemasters has been all for naught as EA made a much higher and successful bid of $1.2 billion to acquire the UK racing specialist gaming studio.

The $1.2 billion deal is expected to close in quarter one of 2021 and the deal is based on $7.98 per share for Codemasters.

Settling for a higher bid, Gerhard Florin, the Chairman of Codemasters said, “Both companies have a shared ambition to lead the video game racing category. He further added, “We feel this union would provide an exciting and prosperous future for Codemasters, allowing our teams to create, launch and service bigger and better games to an extremely passionate audience.

Talking about the acquisition, EA’s CEO Andrew Wilson said, “Our industry is growing, the racing category is growing, and together we will be positioned to lead in a new era of racing entertainment. With the full leverage of EA’s technology, platform expertise, and global reach, this combination will allow us to grow our existing franchises and deliver more industry-defining racing experiences to a global fan base.”

This deal will surely consolidate EA’s stable of racing games by adding racing IPs such as Formula One, Project Cars, Grid, and Dirt. EA already owns some of the best racing game franchises like Need of Speed, Real Racing, and Burnout.

EA takes over Codemasters
EA takes over Codemasters

As for the employees and higher management of Codemasters, they will carry on with their roles. Codemasters CEO and CFO Frank Sagnier and Rashid Varachia respectively will remain in the same roles after the completion of the acquisition along with the senior executive management team.

Both Codemasters and EA will join hands to produce and develop a market-leading portfolio of awesome racing games for more platforms and players throughout the world.