The buyout is expected to be finalised by the end of the first quarter
The majority of Codemasters’ shareholders have voted to approve EA’s US$1.2billion offer to acquire the UK developer.
According to VGC, the company’s shareholders voted remotely on Wednesday (February 3) to approve the deal. 76 shareholders were present at the meeting, with 63 of them voting in favour of the acquisition and representing 99 per cent of the shares held.
However, EA’s buyout of Codemasters is not a done deal yet. The company is set to attend a court hearing on February 16 in order for the purchase to be legally sanctioned, in addition to approval from regulatory boards according to competitive laws, VGC added.
If approved, trading of Codemasters shares will be suspended and subsequently removed from the London Stock Exchange in the following days. The deal is expected to be finalised by the end of the first quarter of 2021.
Earlier this week, EA revealed plans to release racing games every year after it successfully acquires Codemasters. The company noted that the addition of the developer into its portfolio would make it “a global leader in racing entertainment” and would “enable EA to release new racing experiences annually”.
“These are amazing teams that we know very well, and we are adding significantly to our racing portfolio to drive growth,” EA CEO Andrew Wilson said. “We believe the combination of EA Sports and Codemasters can take the game franchise to an even greater level.”
Prior to EA’s offer, Take-Two Interactive had announced its intentions to acquire Codemasters. The company said it had proposed to “acquire the entire issued share capital” of Codemasters, valued at 739.2million pounds (US$973.01million). At the time, the Codemaster board were said to have been keen to “recommend unanimously that Codemasters’ shareholders accept the possible offer”.