Electronic Arts will buy Codemasters in the first quarter of 2021 for approximately $1.2 billion, according to GamesIndustry. Thus, the British study specializing in driving games such as Formula One, Dirt and Project Cars series leave the offer of Take-Two, who offered about 815 million euros for the company.
EA will pay $ 7.98 per share of Codemasters. The UK company’s senior executives, including CEO Frank Sagnier, COO Rashid Varachia and the senior management team, will remain in their positions once the purchase is complete.
Electronic Arts’ driving portfolio will grow exponentially, with The Grid, OnRush, TOCA Race Driver and many other Codemasters sagas focused on four-wheeled driving being joined by the Redwood City, California, company’s Need for Speed, Burnout and Real Racing.
The goal is to lead the gender of driving
Gerhard Florin, Chairman of Codemasters, says that both companies have a “shared ambition to lead the driving game category”: “We feel that this union will provide an exciting and prosperous future for Codemasters, enabling our teams to create, launch and deliver bigger and better games for an extremely passionate audience.
“Our industry is growing, the driving category is growing and together we will be positioned to lead in a new era of driving entertainment,” said Andrew Wilson, EA’s CEO, in the same release. “With the full advantage of EA’s technology, platform expertise and global reach, this combination will allow us to grow our existing sagas and deliver more industry- defining driving experiences to a global fan base.
Until this weekend, when rumors of EA’s purchase of Codemasters began to circulate, it was assumed that Take-Two (Rockstar, 2K Games, Private Division) would take over the British studio, as they had even issued a joint statement like the one we have today. At that time, Strauss Zelnick, CEO of Take-Two, said: “[…] we believe that their experience will be highly complementary to our sports catalog, and will improve our organization in the long term growth”. That transaction was set, according to GamesIndustry figures, at 815 million euros.