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Electronic Arts to buy Glu Mobile for $2 4 billion in mobile gaming push

By Akanksha Rana and Krystal Hu (Reuters) - Electronic Arts Inc said on Monday it would buy Glu Mobile Inc for $2.4 billion, bolstering its mobile platform with the addition of games such as Design Home , Covet Fashion , and MLB Tap Sports Baseball . The U.S. video game developer has offered $12.50 in cash for each Glu share, a premium of about 33% to its closing price on Monday. Electronic Arts (EA) stock was up 1.4% in extended trading, while Glu shares surged 34%. The deal, which is expected to close in the quarter ending June 30, gives Glu an enterprise value of $2.1 billion. San Francisco-based Glu received multiple takeover offers last year as its stock has underperformed those of its gaming peers, a source familiar with the situation said.

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