Electronic Arts Prepares to Buy Glu Mobile for $ 2.4 Billion

  - On Monday, Electronic Arts announced that it will purchase Glu Mobile Inc for $ 2.4 billion, strengthening its mobile platform by adding games such as "Design Home", "Covet Fashion" and "MLB Tap Sports Baseball".

US video game developer EA offered $ 12.50 in cash for each Glu share. Electronic Arts (EA) shares rose 1.4 percent in expanded trade, while Glu shares increased 34 percent.

The deal, which is expected to be completed in the quarter ending on June 30, will add $ 2.1 billion in business value to Glu. San Francisco-based Glu received multiple takeover offers last year, as stocks outperformed their market competitors, according to information from highly market-informed sources.   EA, which is known for sports games, will be acquired by Glu. It plans to expand mobile game titles, and attract more female actors to the platform by currently releasing the Kim Kardashian: Hollywood game and similar games. EA is on a buying spree due to its strong balance sheet. It bought UK-based Codemasters for $ 1.2 billion in December. According to the research firm NPD, the market volume reached 56.9 billion dollars last year, with the demand for virtual entertainment increasing after the cancellation of public events to prevent the spread of the coronavirus. According to data from Newzoo analytics firm, global game revenue has also grown rapidly from PC and console games, with a growth of 13.3 percent. The gaming industry has witnessed a series of mergers over the past few months, including Microsoft's $ 7.5 billion acquisition of ZeniMax Media and Swedish gaming group Embracer of Gearbox and Easybrain.   Source: www.reuters.com Electronic Arts Prepares to Buy Glu Mobile for $ 2.4 Billion

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