Take-Two looks to purchase a stake in Codemaster Group Holdings

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Take-Two Interactive Software Inc. is the company that has backed games like Grand Theft Auto and NBA 2K. now the company has offered to buy the British game developer Codemasters Group Holdings Plc for about $974 million. The offer values Codemasters share at 485 pence per share is said to be about 739 million pounds. It is confirmed by Take-Two itself in an official statement.

Codemasters Group is best known for Colin McRae and Formula 1 racing games. The group has also seen its shares soar more than 68% this year. The sudden increase in the industries share is attributed to the changes brought forth by the pandemic.  The pandemic has brought forth a surge in video-game sales to customers stuck at home during lockdowns.

Take-Two said in its official statement, “Take-Two 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’s 2K publishing label and Codemasters in the racing genre”.

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According to sources, Codemasters fiscal 2021 sales is expected to be of about 120 million pounds ($158 million). Whereas, Take-Two’s 2021 sales are expected to total $3.13 billion.

Take-Two revenue results posted earlier exceeded expectations by analysts. The gains are being accredited by sales of the popular NBA 2K and Grand Theft Auto video games. It also issued an upbeat outlook for the year.

Chief Executive Officer Strauss Zelnick said, “It is clear the world has started to return to normal in the last few months; if anything, we saw further engagement with our titles”.

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The video game industry has seen an increase in profit in the post-pandemic world. As to whether the acquisition by Take-Two will get a green signal remains to be seen.

Source

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