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The companies came to an agreement in the acquisition process.
Electronic Arts has reached an agreement with the Board of Codemasters for the acquisition of Codemasters Group Holdings PLC.
Codemasters’ shareholders will get 604 pence in cash for each ordinary share from this transaction. The implied enterprise value is US$1.2 billion.
“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."
Gerhard Florin, the Chairman of Codemasters via press release
The acquisition process will be held and completed in the first quarter of 2021. CEO of Codemasters Frank Sagnier, CFO Rashid Varachia, and senior management team of Codemasters will stay in Codemasters and will lead the Codemasters business within EA.
Codemasters is a British game developer and publisher founded in 1986 that works on racing games, including the F1 franchise. Read the full release on the Electronic Arts website.