Press Release #425 Electronic Arts Reaches Agreement for Recommended Acquisition of Codemasters Group Holdings PLC
Leader in Interactive Entertainment & UK-Based Game Developer & Publisher Set to Thrill Racing Fans
REDWOOD CITY, Calif.--(BUSINESS WIRE)-- Today, Electronic Arts Inc. (NASDAQ: EA) announced that it has reached an agreement with the Board of Codemasters for the recommended acquisition of Codemasters, the UK-based game developer and publisher. 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$1.2 billion*. The acquisition is anticipated to be completed in the first quarter of calendar 2021.
“Electronic Arts and Codemasters have a shared ambition to lead the video game racing category. The Board of Codemasters firmly believes the company would benefit from EA’s knowledge, resources and extensive global scale – both overall and specifically within the racing sector. We feel this union would provide an exciting and prosperous future for Codemasters, allowing our teams to create, launch and service bigger and better games to an extremely passionate audience,”said Gerhard Florin, the Chairman of Codemasters.
“We believe there is a deeply compelling opportunity in bringing together Codemasters and Electronic Arts to create amazing and innovative new racing games for fans. Our industry is growing, the racing category is growing, and together we will be positioned to lead in a new era of racing entertainment. We have admired Codemasters’ creative talent and high-quality games for many years. With the full leverage of EA’s technology, platform expertise, and global reach, this combination will allow us to grow our existing franchises and deliver more industry-defining racing experiences to a global fan base. We are pleased that both our Boards of Directors are recommending this transaction, and we look forward to welcoming such an exciting and talented team to the Electronic Arts family,”said Andrew Wilson, CEO of Electronic Arts.
For more information on the acquisition, please visit: investor.ea.com.
*US$ equivalent values are stated at an exchange rate of US$ 1.3211:£1 on December 11, 2020. Enterprise value based on Codemasters’ audited balance sheet as of March 31, 2020.
UBS Investment Bank is acting as financial adviser to Electronic Arts and Skadden, Arps, Slate, Meagher & Flom (UK) LLP is acting as legal adviser to EA.
Jefferies International Limited is acting as financial adviser and joint-broker, and Liberum Capital Limited is acting as nominated adviser and joint-broker to Codemasters in respect of the acquisition. Gowling WLG (UK) LLP is acting as legal adviser to Codemasters.
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With thanks to EA for the email
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