(Image: Codemasters) Take-Two Interactive, which already owns high-profile developers including 2K and Rockstar Games, has announced its intention to acquire UK-based publisher and developer Codemasters.
An agreement between the two companies has been reached which values Codemasters at $994 million, with Take-Two aiming to complete the acquisition in the first quarter of 2021.
"We are exceedingly pleased to announce this recommended transaction with the Board of Codemasters," said Strauss Zelnick, Chairman and CEO of Take-Two.
"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 organization's long-term growth.
Moreover, we look forward to welcoming Codemasters' 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."
Codemasters was founded 34 years ago by Richard and David Darling and has gone on to produce many well-known video game series including Micro Machines, TOCA, Grid, Colin McRae Rally, Dirt, Operation Flashpoint, Project CARS, and World Rally Championship.
And of course, it has been the developer behind the F1 series of games since 2009.
Take-Two views Codemasters as "a highly complementary fit" alongside its existing portfolio of gaming IP.
"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." said Gerhard Florin, the Chairman 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.
Take-Two’s offer reflects the great work the management team has done since listing on AIM in 2018 at 200p and delivers an excellent return for shareholders in just two and a half years."
(Image: Codemasters) Take-Two Interactive, which already owns high-profile developers including 2K and Rockstar Games, has announced its intention to acquire UK-based publisher and developer Codemasters.
An agreement between the two companies has been reached which values Codemasters at $994 million, with Take-Two aiming to complete the acquisition in the first quarter of 2021.
"We are exceedingly pleased to announce this recommended transaction with the Board of Codemasters," said Strauss Zelnick, Chairman and CEO of Take-Two.
"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 organization's long-term growth.
Moreover, we look forward to welcoming Codemasters' 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."
Codemasters was founded 34 years ago by Richard and David Darling and has gone on to produce many well-known video game series including Micro Machines, TOCA, Grid, Colin McRae Rally, Dirt, Operation Flashpoint, Project CARS, and World Rally Championship.
And of course, it has been the developer behind the F1 series of games since 2009.
Take-Two views Codemasters as "a highly complementary fit" alongside its existing portfolio of gaming IP.
"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." said Gerhard Florin, the Chairman 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.
Take-Two’s offer reflects the great work the management team has done since listing on AIM in 2018 at 200p and delivers an excellent return for shareholders in just two and a half years."
