Take-Two Confirms $994 Million Acquisition Of Game Developer Codemasters
Last week we reported that the US-based game publisher Take-Two Interactive, known for its labels, Rockstar Games, 2K, Private Division, and Social Point, offered to acquire UK-based videogame developer Codemasters for an implied equity value of $994 million US Dollars, which is roughly 845 million Euros, or £759 million Pounds.
Take-Two Interactive Software, Inc. now confirmed that both parties have reached an Agreement for Recommended Acquisition that is anticipated to be completed in the first quarter of calendar 2021. It is reported that Codemasters will retain its brand name and management staff under the T2 umbrella.
The legendary Codemasters video game developer and publisher based in Southam, England, is well-known for its racing game franchises, with titles and game series such as the TOCA series, the Colin McRae Rally series, the Grid series, the official F1 gaming franchise, the Dirt Series, and more.
In 2008, Codemasters also acquired the Sega Racing development Studio, and more recently Codemasters took over Project CARS developer Slightly Mad Studios, bringing the total staff at Codemasters to about 700 people.
Last but not least, in June 2020 the studio secured an exclusive license to produce the World Rally Championship series of games beginning a five-year deal in 2023, with plans to release their first game in 2024.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. Take-Two Interactive develops and publishes products principally through Rockstar Games, 2K, Private Division, and Social Point.
Their products such as Grand Theft Auto, Red Dead Redemption, BioShock, Borderlands, NBA 2K, and more are designed for various platforms such as console systems and personal computers, and mobile games for smartphones and tablets. The products are delivered through physical retail, digital download, online platforms, and cloud streaming services. The Company’s common stock is publicly traded on NASDAQ under the symbol TTWO.
Official Webpages – www.codemasters.com – www.take2games.com
“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.”
“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.”