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A few months ago it was revealed that Take-Two was in talks to purchase Codemasters. The deal was later made official and the acquisition was expected to close early this year for $ 980 million.
However, the negotiations took an unexpected turn, as Electronic Arts made an offer to buy Codemasters and take it from Take-Two, owner of major studios such as 2K Games and Rockstar Games.
At the end of last year it was confirmed that Electronic Arts reached an agreement for $ 1.2 MMDD for the purchase of Codemasters. The deal will close in the coming months. Due to this, Take-Two decided to withdraw its offer to purchase the studio.
Take-Two clears EA to purchase Codemasters
Through a statement, Take-Two Interactive Software announced today that it has withdrawn its offer it made last year to purchase Codemasters Group Holdings. Possible agreements between the studios automatically expired because the process did not progress as originally planned.
So now Electronic Art has a clear path to complete the acquisition of the studio in the coming months. For its part, Take-Two affirmed that it will continue working and looking for new opportunities to grow in the long term.
“Take-Two continues to be a highly disciplined organization and, with its strong balance sheet, will continue to pursue selectively organic and inorganic opportunities designed to enhance the long-term growth of the company and deliver results for its shareholders,” the company commented.
According to the details, Electronic Arts is expected to complete the purchase process in the first quarter of this year. Codemasters will continue to work on its flagship franchises, but will also collaborate on EA series like Need for Speed.
“Our industry is growing, the racing category is growing, and together we will be positioned to lead a new era of racing entertainment. We have admired the creative talents and high-quality games of Codemasters for many years, “said Andrew Wilson, CEO of Electronic Arts, previously.
We will surely know more about the projects that EA and Codemasters are preparing in the coming weeks. In this link you will find more news about the studies.