Today, EA has announced an agreement for the "recommended acquisition" of Dirt 5 developer Codemasters, with an offer of $1.2 billion and an expectation that the acquisition will take place in the first quarter of 2021.
The EA site reads that "in the transaction, Codemasters' shareholders will be entitled to receive 604 pence (approximately US$7.98) in cash for each ordinary share of Codemasters with an implied enterprise value of US$1.2 billion. The acquisition is anticipated to be completed in the first quarter of calendar 2021."
Codemasters chairman Gerhard Florin and EA CEO Andrew Wilson have both shared statements on the news, with Florin saying, "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." Wilson adds that "there is a deeply compelling opportunity in bringing together Codemasters and Electronic Arts to create amazing and innovative new racing games for fans... 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."
Publishers Take-Two had previously made an offer to acquire Codemasters. The company's recent statement on the matter reads that "Take-Two is considering its position in relation to Codemasters and a further announcement will be made when appropriate" (thanks, Eurogamer.) Since EA's acquisition wouldn't be completed until next year, it's possible we could yet hear more from Take-Two. We'll keep you updated.
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