EA has beaten Take-Two and is set to acquire British racing game studio Codemasters in a deal worth $1.2 billion. Take-Two were originally planning to purchase the developer behind F1 games, Dirt and Grid but Electronic Arts have trumped them. Codemasters said in a statement that EA’s offer was superior to Take-Two’s cash-and-stock buyout offer of 485 pence per share.
“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,” EA Chief Executive Officer Andrew Wilson said.
“We think Codemasters is an attractive asset with a lot of the qualities a consolidator might look for… It also has a strategic relationship with Chinese operator NetEase, offering a direct route in the lucrative Chinese market,” Citi analysts said.