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Home Featured

Game Developer, Glu Mobile Acquired by Electronic Arts

by Editorial
in Featured, Business, News-Curated
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Electronic Arts Acquires Glu Mobile

EA purchased Glu Mobile for $2.4 billion

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  • EA’s Acquisition of Glu Mobile
  • EA Boosts its Sales
  • EA has been on a purchasing spree and acquired Codemasters for $1.2 billion.
  • EA also acquired Glu Mobile for a whopping $2.4 billion.
  • Glu Mobile is known for ‘Kim Kardashian: Hollywood’ game.

Electronic Arts is sitting on a solid balance sheet. EA has been on a purchasing spree and looks to ramp up with more gaming games. It acquired UK-based Codemasters for $1.2 billion in December. The Kim Kardashian company is getting into Electronic Arts. At least, that is the case if Glu Mobile’s deal to grab the behemoth of mobile gaming goes through. In a deal worth $2.4 billion, EA revealed its intentions today to acquire Glu. In the second quarter of this year, the firms expect the acquisition to close. After its move to put publisher Codemasters under its umbrella, this is EA’s second major acquisition in recent weeks.

Electronic Arts Inc said it would acquire Glu Mobile Inc for $2.4 billion. It will strengthen its mobile platform Design Home, Covet Fashion, and MLB Tap Sports Baseball game. As well as other smartphone hits, such as Tap Sports Baseball, Dine Dash Adventures, and Disney Sorcerer’s Arena, Glu is known for the aforementioned Kim Kardashian Hollywood game. Glu specializes in larger-budget mobile games as a mobile developer, mostly with full 3D graphics. But it also focuses on free-to-play games that have been running for years and producing microtransaction revenue. That is the business model that EA has consistently told investors in the future that it wants to highlight.

EA’s Acquisition of Glu Mobile

The U.S. video game maker offered $12.50 in cash for each Glu share. This is a premium of around 33 percent over its closing price on Monday. In extended trade, Electronic Arts (EA) stock was up 1.4 percent. Glu’s shares rose 34 percent. The transaction is scheduled to close in the quarter ending June 30. This gives Glu a $2.1 billion enterprise value. As its stock has underperformed those of its gaming peers, a source familiar with the situation said, San Francisco-based Glu received several takeovers offers last year.

EA is known for its sports gaming franchise. It expects to expand its mobile gaming games with the acquisition and attract more women players. This includes Kim Kardashian: Hollywood through the casual game portfolio held by Glu. According to research firm NPD, videogame revenues in the United States reached a record $56.9 billion last year, as demand for interactive gaming exploded after large public events were canceled to curb the spread of the novel coronavirus.

Data from research company Newzoo showed that global gaming sales increased by 13.3 percent last year, faster than PC and console gaming. In the past few months, the gaming industry has seen a number of consolidations, including the $7.5 billion purchase by Microsoft of ZeniMax Media and the Swedish video game company Embracer purchasing Gearbox and Easybrain.

EA Boosts its Sales

Earlier this month, EA boosted its annual sales forecast, betting on good sales of its sports titles like “FIFA 21” and “Madden NFL 21”. J.P. Morgan advised EA on the offer, while Glu’s advisors were Goldman Sachs, Morgan Stanley, and UBS Securities. Notably, this business model is what Electronic Arts needs in the future to turn to, and has also told its investors repeatedly. Our acquisition of Glu blends amazing teams and deeply engaging experiences to create a mobile games pioneer with established experience across many fast-growing genres,” EA CEO Andrew Wilson said.” Mobile continues to expand as the world’s largest gaming platform and we are doubling the size of our mobile business with the addition of Glu’s games and talent.

Similarly, early on, Glu chief executive Nick also added that “This transaction is the culmination of the Glu team’s tremendous work to provide our players with world-class interactive experiences while driving business momentum that has led to strong financial and operational results.” For all our stockholders and other main constituents, it represents a terrific result. This transaction is the culmination of the Glu team’s enormous work to provide our players with world-class immersive experiences while driving market momentum that has contributed to good financial and operational outcomes. For all of our stockholders and other main constituents, it represents a wonderful result.

mm

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