Electronic Arts acquires Bioware and Pandemic Studios

Electronic Arts acquires BioWare and Pandemic Studios - Image 1Electronic Arts has just sent out a news feeler stating that it has acquired VG Holding Corp, the parent company for BioWare Corp. and Pandemic Studios. You guys may remember BioWare for their upcoming Xbox 360 title, Mass Effect, while you’ll most probably remember Pandemic for their ingoing work on Mercenaries 2: World in Flames for the Xbox 360, Playstation 3, and PC. EA CEO John Riccitiello had this to say regarding the acquisition of both studios:

These are two of the most respected studios in the industry and IÂ’m glad to be working with them again. TheyÂ’ll make a strong contribution to our strategic growth initiatives on quality, online gaming and developing new intellectual properties. We also expect this will drive long-term value for our shareholders.

EA will reportedly pay up to US$ 620 million to VG Holding Corp.’s stockholders over this transaction, with a further $155 million in equity to be issued to certain employees of the company. The transaction is scheduled to close by January next year.

In line with this announcement, EA is also scheduling the transaction’s conference call for today, at 2:00 pm Pacific time, and 5:00 pm Eastern time. EA will also be holding its second quarter conference call this November 1. The company plans to release its results for the second quarter of fiscal year 2008 during the said conference.

Electronic Arts acquires BioWare and Pandemic Studios - Image 1Electronic Arts has just sent out a news feeler stating that it has acquired VG Holding Corp, the parent company for BioWare Corp. and Pandemic Studios. You guys may remember BioWare for their upcoming Xbox 360 title, Mass Effect, while you’ll most probably remember Pandemic for their ingoing work on Mercenaries 2: World in Flames for the Xbox 360, Playstation 3, and PC. EA CEO John Riccitiello had this to say regarding the acquisition of both studios:

These are two of the most respected studios in the industry and IÂ’m glad to be working with them again. TheyÂ’ll make a strong contribution to our strategic growth initiatives on quality, online gaming and developing new intellectual properties. We also expect this will drive long-term value for our shareholders.

EA will reportedly pay up to US$ 620 million to VG Holding Corp.’s stockholders over this transaction, with a further $155 million in equity to be issued to certain employees of the company. The transaction is scheduled to close by January next year.

In line with this announcement, EA is also scheduling the transaction’s conference call for today, at 2:00 pm Pacific time, and 5:00 pm Eastern time. EA will also be holding its second quarter conference call this November 1. The company plans to release its results for the second quarter of fiscal year 2008 during the said conference.

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