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Electronic Arts announced the acquisition of mobile game developer Glu Mobile for $2.4 billion to push their mobile gaming offerings.
Glu Mobile´s titles are mostly free-to-play games with microtransactions, which is a business model EA previously said it wants to keep pursuing.
Under the terms of the agreement, EA will acquire Glu for $2.1 billion in enterprise value. Glu stockholders will receive $12.50 in cash for each share of Glu stock, representing a 36% premium to Glu’s closing share price on February 5, 2021.
“Our acquisition of Glu combines amazing teams and deeply-engaging products to create a mobile games leader with proven expertise across many fast-growing genres, said Andrew Wilson, CEO of Electronic Arts.
Mobile continues to grow as the biggest gaming platform in the world, and with the addition of Glu’s games and talent, we’re doubling the size of our mobile business.
With a deep IP portfolio and an expanding global audience, we’ll deliver more exciting experiences for our players and drive further growth for Electronic Arts.
This transaction is the culmination of the tremendous work of the Glu team to deliver world-class interactive experiences for our players, while driving business momentum that has led to strong financial and operational results.
It represents a terrific outcome for all of our stockholders and other key constituents, said Nick Earl, CEO of Glu.
As part of Electronic Arts, we will continue capitalizing on the opportunities ahead in the expanding mobile gaming industry.”