EA to buy racing game developer Codemasters for $1.2 billion, outbidding Take-Two

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An Electronic Arts (EA) video game logo is seen at the Electronic Entertainment Expo in Los Angeles last year.

Lucy Nicholson | Reuters

LONDON — Electronic Arts said Monday it has reached an agreement to buy U.K. video game developer Codemasters in a deal worth $1.2 billion.

The deal upstaged a previous transaction agreed between rival publisher Take-Two Interactive and Codemasters. The firm had agreed to acquire Codemasters for £726 million ($971 million) only last month.

“The Codemasters Board has considered various aspects of the EA Offer and considers the EA Offer to represent a superior offer for Codemasters’ shareholders as compared with the Take-Two Offer,” the British firm said in a release.

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