It was confirmed late last week that Take-Two Interactive was interested in acquiring racing specialists Codemasters, and now the two companies have reportedly reached a formal agreement in regards to the sale.
As reported by Video Games Chronicle, the terms of the deal values the Dirt 5, Dirt Rally 2.0 and F1 2020 developer at around £750m ($980m), and the acquisition is expected to be completed in the first quarter of 2021.
Here's what Take-Two CEO Strauss Zelnick had to say about the news:
“We are exceedingly pleased to announce this recommended transaction with the Board of Codemasters.
“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.”
Codemasters chairman Gerhard Florin also commented on the deal, saying the company "will benefit from Take-Two’s broad capabilities which will help propel the long term success of Codemasters."
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