Benzinga | Feb 18, 2021 10:42AM EST

Electronic Arts Completes Codemasters $1.2B Acquisition, Strengthens Racing Game Entertainment

* Electronic Arts Inc (NASDAQ: EA) completed the acquisition of U.K. game developer and publisher Codemasters for $8.37 per share (or 604 pence) at an enterprise valuation of $1.2 billion in a bid to raise their fanbase across multiple platforms and geographies with their robust portfolio of racing games.

* The acquisition was funded with cash in hand under an agreement inked in December.

* "Racing fandom continues to grow worldwide, and the franchises in our combined portfolio will enable us to create innovative new experiences and bring more players into the excitement of cars and motorsport. Our teams will be a global powerhouse in racing entertainment, with amazing games for players on every platform, and we can't wait to get started," said Electronic Arts CEO Andrew Wilson.

* Recently Electronic Arts raised $750 million in senior notes offering.

* Price action: EA shares were down 0.24% at $145.48 on the last check Thursday.