EA Buying BioWare Corp. and Pandemic Studios
Electronic Arts today announced the future acquisition of VG Holding Corp., the owner of BioWare Corp. and Pandemic Studios. Both studios have been recognized for creating some of the highest-quality games in the industry.
BioWare Corp. is currently developing the highly anticipated Mass Effect, which will be published by Microsoft in November, and is in the early development stages of a massively multiplayer online game. Pandemic Studios is redefining open-world games with its upcoming Mercenaries 2: World in Flames(TM) and Saboteur(TM), in addition to several unannounced projects.
“These are two of the most respected studios in the industry and I’m glad to be working with them again. They’ll make a strong contribution to our strategic growth initiatives on quality, online gaming and developing new intellectual properties,” said John Riccitiello, EA’s Chief Executive Officer. “We also expect this will drive long-term value for our shareholders.”
“Pandemic Studios remains focused on attracting the best talent and creating blockbuster action games,” said Josh Resnick, President and Co-founder of Pandemic Studios. “As a worldwide publishing leader, EA represents the ideal partner to bring our titles to market as global entertainment events.”
“We are truly excited by John Riccitiello’s new vision for EA,” said Ray Muzyka, Co-founder and CEO of BioWare Corp. “This vision is consistent with BioWare’s focus on crafting the highest quality story-driven games in the world. It will enable us to further the careers of the passionate, creative and hard working teams at BioWare Edmonton and BioWare Austin.”
EA will pay up to $620 million in cash to the stockholders of VG Holding Corp. and will issue up to an additional $155 million in equity to certain employees of VG Holding Corp., which will be subject to time-based or performance-based vesting criteria. EA will also assume outstanding VG Holding Corp. stock options. In addition, EA has agreed to lend VG Holding Corp. up to $35 million through the closing of the acquisition.
About Pandemic Studios
With a long series of top-selling, critically acclaimed game releases, Pandemic Studios is a premier developer of console and PC entertainment. Over its nine year history, Pandemic Studios has established a reputation for producing award-winning, cutting-edge original content and enhancing the value of existing intellectual properties. Recent hits include sales-record setters Star Wars Battlefront(TM), Star Wars Battlefront(TM) II, and three original Pandemic-created IPs: Mercenaries(TM), Destroy All Humans(TM), and Full Spectrum Warrior(TM). In addition to the recently released Destroy All Humans(R) 2, Pandemic Studios is developing a number of new, original titles for next-generation platforms including Mercenaries 2: World in Flames(TM) and Saboteur(TM) at its Los Angeles and Brisbane studio locations. For more information on Pandemic Studios and its games, please visit www.pandemicstudios.com.
About BioWare
BioWare Corp. is an electronic entertainment company which develops computer, console, handheld and online video games focused on rich stories and memorable characters. Since 1995, BioWare has created some of the world’s best-selling titles including the award-winning Baldur’s Gate(TM) and Neverwinter Nights(TM) series, as well as the 2003 Game of the Year, Star Wars(R): Knights of the Old Republic(TM). Original BioWare-created IPs include the 2005 RPG of the Year, Jade Empire(TM), with next-generation titles Mass Effect(TM) and Dragon Age(TM) currently in development. Mass Effect will ship to retailers throughout North America on November 20, 2007. The game has received more than 50 awards, including the 2007 Game Critics Awards for “Best Console Game” and “Best RPG” at the Electronic Entertainment Expo. With studios in Edmonton, Canada, and Austin, Texas, BioWare is also hard at work on a new title for the Nintendo DS(TM) based on Sonic the Hedgehog, as well as several unannounced projects including a massively multiplayer online game. For more information on BioWare, visit www.bioware.com.
October 11, 2007 at 6:02 pm | Business & Law |
