The private equity firm backed by U2 frontman Bono, which recently invested $325 million into Palm, has received a hefty return on its $300 purchase of game developers BioWare and Pandemic. EA has agreed to acquire the two studios from Elevation Partners, with 10 games in development, for $620 million in cash and another $205 million in stock.
The total price of $825 million is EA’s largest acquisition yet, and the company says the deal will boost its market share in multiplayer online games by two percent. Interestingly, Elevation Partners founder John Riccitello was a former EA exec who rejoined the company as its CEO in April. Riccitello, who retains a stake in Elevation, did not vote on the deal but did endorse it.
News source: BETANEWS