British video game firm Codemasters is set to be acquired by US rival Take-Two in a deal that could be worth up to £739m.
The deal is worth £1.20 in cash and £3.65 in Take-Two shares for every Codemasters share – and more details are set to be released as the deal progresses over the next few weeks.
Gerhard Florin, Chairman of Warwickshire-based Codemasters, said: “With a leading position in sports gaming, the board of Codemasters firmly believes the company will benefit from Take-Two’s broad capabilities which will help propel the long-term success of Codemasters. In recommending this offer to shareholders, the board of Codemasters believes it is in the best interests of all stakeholders in the company.”
Strauss Zelnick, CEO of Take-Two, commented: “Codemasters has a renowned history of creating some of our industry’s most beloved and commercially successful racing franchises, and we believe that their offerings will be highly complementary to our sports portfolio and enhance further our organisation’s long-term growth. Moreover, we look forward to welcoming Codemasters’s senior management and development teams into our Take-Two family, and sharing in our vision to deliver the highest quality entertainment experiences and aim to be the most innovative, creative and efficient company in our industry.”