The UK video game developer game Codemasters has reached an agreement with Rockstar Games parent company Take-Two Interactive
As first reported by VGC, Take-Two Interactive has made a statement that an agreement to acquisition for Codemasters is underway and the deal is set to be completed by early 2021.
The statement reads
“We are exceedingly pleased to announce this recommended transaction with the Board of Codemasters,” he said.
“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.”
– Take-Two Interactive
The deal was previously reported to be valued at around $994 Million / £759 Million but it seems the deal will instead be $956 Million / £726 Million, a little less than previously reported.
Take-Two Interactive have said the deal should be fully completed by March 31, 2021. The CEO of Codemasters, Frank Sagnier, and the CFO, Rashid Varachia will be staying on board with Codemasters once Take-Two Interactive have completed the deal. All 700 employees will also be toupeed over with the company.
Codemasters will be adding quite of few popular racing Series to the Take-Two Portfolio such as:
- Dirt
- Project Cars
- Grid
- Formula 1
- Colin Mcrae Rally
This will be the second Studio Take-Two Interactive have purchased in the last couple of months, after purchasing Ruffian Games in October 2020 for an undisclosed amount.
Source: Take-Two Interactive
