British video game company Codemasters has confirmed it plans to sell to US giant Take-Two after it received a takeover bid valuing it at £739million.
Best known for its racing games, including the Dirt Rally series and Formula 1 licences, Codemasters is headquartered in the Midlands and has a studio in Runcorn.
In a note sent to investors today, the two companies said they expect the deal to complete in the first quarter of 2021, subject to shareholder approval in an upcoming general meeting.
After the deal, Codemasters – which has also recently secured the rights to the FIA World Rally Championship (WRC) – will run within Take-Two’s 2K label under its existing leadership of CEO Frank Sagnier.
Take-Two CEO Strauss Zelnick said that Codemasters would be a good fit for the company.
“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,” he said.
Codemasters reported revenue of £80.5m for the six months to September 30th 2020, up from £39.8m year on year.
