Take-Two Interactive has confirmed that it is in talks to acquire UK-based game publisher and developer Codemasters for $973.8 million.
Take-Two Interactive, the publisher of Grand Theft Auto and Borderlands, hasn’t completed a deal yet, but it has made an offer. The confirmation of the offer first came from the Board of Codemasters and then Take-Two released a statement that confirms the announcement of Codemasters.
Take-Two Interactive offered $6.40 a share to acquire Codemasters, in both cash and stock. The deal is contingent on due diligence, approval by the board, and other approvals.
According to Reuters, Codemasters’ shares were up 8.6% to 470 pence at 1640 GMT, following the announcement. Take-Two’s shares were up 2.9%.
“Take-Two believes that the combination of Take-Two and Codemasters would bring together two world-class interactive entertainment portfolios, with a highly complementary fit between Take-Two’s 2K publishing label and Codemasters in the racing genre.”
“In addition, Take-Two believes that it can bring benefits to Codemasters’ performance by leveraging Take-Two’s global distribution network and 2K’s core operating expertise in publishing, including live operations, analytics, product development, and brand and performance marketing.”
In August 2020, New York based Take-Two acquired mobile game developer Playdots for $192 million comprising $90 million in cash and $102 million in stock.