EA acquisition Codemasters Group Holdings PLC in $1.2 billion!
Take-Two’s attempt to takeover Codemasters has been all for naught as Electronic Arts 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 Code masters.
Settling for a higher bid, Gerhard Florin, the Chairman of Code masters 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 Code masters, allowing our teams to create, launch and service bigger and better games to an extremely passionate audience.”
Talking about the acquisition, Electronic Arts’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 Electronic Arts ‘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 Electronic Arts stable of racing games by adding racing IPs such as Formula One, Project Cars, Grid, and Dirt. Electronic Arts already owns some of the best racing game franchises like Need of Speed, Real Racing, and Burnout.
As for the employees and higher management of Code masters, 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 Code masters and Electronic Arts will join hands to produce and develop a market-leading portfolio of awesome racing games for more platforms and players throughout the world.
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