EA to buy Dirt Rally-maker Codemasters for £1bn
Published
image copyrightCodemasters
Games giant Electronic Arts is set to acquire the British video-game-maker Codemasters, in a deal worth an estimated $1.2bn (£1bn).
Codemasters is best known for its racing games, including the Dirt Rally series and Formula 1 licences. EA owns the global franchise to Need for Speed.
Codemasters had said it would recommend its shareholders accept an earlier offer, by one of EA s main rivals.
New-York- based Take-Two Interactive had offered a package worth $973m.
Codemasters senior management team, including the chief executive and chief financial officer, would remain with the company during the transition to EA, with the deal expected to be completed by the end of March 2021, it said.
EA to acquire Codemasters for $1 2 billion
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EA could soon own Dirt and F1 with $1 2 billion offer for Codemasters
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Electronic Arts Reaches Agreement with Codemasters in $1.2B Takeover
Dec 14 2020 · 13:21 UTC by John K. Kumi · 3 min read
Photo: Wikimedia Commons
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The Electronic Arts deal with Codemasters involves a whopping amount of around $1.2 billion which outweighs the $973.01 million offered by Take-Two.
Electronic Arts Inc (NASDAQ: EA) has submitted a knockout offer and reached an agreement with Codemasters Group Holdings Plc (LON: CDM) in a deal worth $1.2 billion according to multiple reports. Codemasters, the developer of racing games including Dirt 5, the Grid Franchise, and others had previously reached an agreement with the Take-Two Interactive Software for the takeover. However, some of their fund managers expressed their dissatisfaction with the deal due to its equity component as claimed by the report. The initial offer proposed by the Take-Two included both cash and share. This means the stock price was to determine the v
HEXUS reported upon the Take Two bid for Codemasters in early November. The cash-rich New York based games publisher offered a mix of cash and shares worth nearly $1 billion to acquire Warwickshire-based Codemasters. However, it looks like EA has decided to make a move at the 11
th hour and try to snatch the Codies from Take Two s hands with an even more generous offer.
After rumours of an EA bid yesterday, it had made its interest official this morning in a press release outlining its offer. EA says it will pay Codemasters shareholders £6.04 per share, valuing the company at approx $1.2 billion. That is a decent percentage uplift on what Take Two was willing to offer previously.