EA Codemasters acquisition confirmed after reports

In a surprising move, Electronic Arts came out of nowhere to snatch over the weekend Codemasters from Take-Two Interactive with an offer the British studio could not refuse.

It has been just a month since Take-Two confirmed that it would acquire Codemasters for $ 870 million and that the deal would be completed in the first quarter of 2021. Reports emerged late Sunday that EA had made a lucrative $ 1.2 billion offer, prompting Take – Two purchases. Both Codemasters and EA confirmed the news this morning.

EA’s reason for the purchase is as follows:

We believe it is a very compelling opportunity to bring Codemasters and Electronic Arts together to create great and innovative new racing games for fans. Our industry is growing, the racing category is growing and together we will be positioned to lead the way in a new era of racing entertainment. We have admired Codemasters’ creative talent and high-quality games for years. With the full leverage of EA’s technology, platform expertise and global reach, this combination will enable us to grow our existing franchises and bring more industry-defining racing experiences to a global fan base. We are delighted 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.

Codemasters added that EA, which has several high profile racing franchises in its portfolio, has the knowledge and resources to lead the racing game genre. The studio’s board of directors believes the partnership with EA is beneficial to both parties.

Take-Two has not commented on the news.