After it was reported last week that Take-Two Interactive was in talks to acquire Codemasters, the companies today announced that they have entered an agreement on the offer to complete the acquisition.
For Codemasters shareholders, the purchase will see a payment of 120 pence per share, in addition to 0.02834 shares of the new Take-Two per single share of Codemasters. This values each Codemasters share at 485 pence, and the entire company's capital at £759 million ($994 million), as of November 5, the day before the possible acquisition offer was speculated on. The individual share price is 33.7% higher than the average share value of Codemasters on the six months prior to November 5.
Take-Two Interactive is a massive conglomerate, owning companies such as Rockstar Games, 2K Games, Private Division, and more. Franchises such as Grand Theft Auto, Bioshock, Red Dead Redemption, Borderlands, and many more are all part of the company's portfolio. Meanwhile, Codemasters is mostly known for its racing games, the most recent being Dirt 5, though it's also responsible for Project Cars 3 and the F1 series. The acquisition will certainly bolster Take-Two's breadth of experiences, since it currently doesn't publish any racing-focused titles.
The acquisition of Codemasters by Take-Two Interactive is expected to be completed in the first quarter of 2021.
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