Electronic Arts have announced that they have reached an agreement with Codemasters to acquire the company for $1.2 billion, the deal is expected to close in the first quarter of 2021. Codemasters were previously in talks with Take-Two Interactive who offered $870 million for the UK publisher. Frank Sagnier and Rashid Varachia, the CEO and CFO of Codemasters, will both retain their positions after the acquisition is complete. EA also intend to keep entire Codemasters senior executive management team.
Here’s what Gerhard Florin, chairman of Codemasters, had to say:
Electronic Arts and Codemasters have a shared ambition to lead the video game racing category. The Board of Codemasters firmly believes the company would benefit from EA’s knowledge, resources and extensive global scale – both overall and specifically within the racing sector. 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.
Here’s what Andrew Wilson, CEO of Electronic Arts, had to say:
We believe there is a deeply compelling opportunity in bringing together Codemasters and Electronic Arts to create amazing and innovative new racing games for fans. Our industry is growing, the racing category is growing, and together we will be positioned to lead in a new era of racing entertainment. We have admired Codemasters’ creative talent and high-quality games for many years. 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. We are pleased that both our Boards of Directors are recommending this transaction, and we look forward to welcoming such an exciting and talented team to the Electronic Arts family.