Friday, October 12, 2007

EA Buys BioWare, Pandemic Studios

Redwood City-based Electronic Arts said Thursday that it is acquiring BioWare Corp. and Pandemic Studios from Elevation Partners, in a $860M deal. VG Holding Corp, the holding company for BioWare and Pandemic, employs roughly 800 people in Edmonton, Canada; Los Angeles; Austin; and Brisbane, Australia. According to EA, the teams will join the EA Games Label. The deal is worth $620M in cash plus up to $155M in equity to certain employees of VG Holdings, and is expected to close in January of 2008.