Historic UK videogames developer Codemasters is set for a $1bn US takeover.听
The company, which rose to prominence in the 1980s with hit games including Dizzy, is now a specialist creator of racing games.听
It听has developed the official Formula One game since 2008听and holds that contract until 2025. Its other franchises include听DiRT, GRID and Micro Machines.听听
NASDAQ-listed Take-Two Interactive has听offered听around $1.58 per share in cash, with an additional $4.82 per share in Take-Two stock.听The New York-headquartered firm, which听owns听Grand Theft Auto developer听Rockstar Games听as well as hit franchises including听NBA 2K and BioShock,听has until December 4 to finalise the offer and its terms.听
Warwickshire-headquartered Codemasters, which also has bases in Birmingham and Runcorn,听floated on the London Stock Exchange in 2018.听
It听currently has a market cap of 拢690m, which has more than doubled in the last year. It听recently听reported听six-month revenues of around 拢80m, up from 拢39.8m for the same period in 2019.听
Its shareholders听are听yet to accept the offer,听but the transaction is expected to go through听
Take-Two said it听“believes that the combination of Take-Two and Codemasters would bring together two world-class interactive entertainment portfolios, with a highly complementary fit between Take-Two鈥檚 2K publishing label and Codemasters in the racing genre”.听
In its most recently quarterly results,听Take-Two听revealed profits of听$100m听and听revenues听of $841m.听
Video games