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Take-Two Interactive is expected to acquire Codemasters in the first quarter of next year.
That’s according to a note to investors, which reveals that each company’s board of directors has reached an agreement on the terms of Take-Two’s offer.
The publisher of Grand Theft Auto will use a mix of cash and stock to buy all of Codemasters’ currently issued and not yet issued shares, giving Take-Two a 100% stake.
It was previously suggested that the deal could value Codemasters at £ 759million ($ 994million), but the latest advice says it will cost £ 726million ($ 956million).
The acquisition is expected to be completed by March 31, 2021.
Codemasters CEO Frank Sagnier and CFO Rashid Varachia, along with the rest of the management team, plan to stay with Codemasters after the acquisition.
Directors of the UK racing game specialist will unanimously recommend that its shareholders vote in favor of the acquisition at an upcoming court meeting.
Take-Two believes the combination of the two companies will be “a highly complementary fit” that “creates a world leader in interactive entertainment.”
“We are extremely pleased to announce this recommended transaction with the Codemasters board of directors,” said Strauss Zelnick, CEO of Take-Two. “Codemasters have a renowned history of building some of the most successful and commercially successful racing franchises in our industry, and we believe their offerings will be very complementary to our sports portfolio and further enhance long-term growth.” term of our organization.
“Additionally, we look forward to welcoming the Codemasters leadership and development teams to our Take-Two family and sharing our vision to deliver the highest quality entertainment experiences and aim to be the company. the most innovative, creative and efficient in our industry. “
Codemasters Chairman, Gerhard Florin, added: “With a leading position in sports games, the Codemasters board has a firm belief that the company will benefit from Take-Two’s vast capabilities which will help propel success to long term of Codemasters. In recommending this offering to shareholders, the Codemasters Board of Directors believes it is in the best interests of all stakeholders in the company. “
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