Video game-maker Electronic Arts has purchased VG Holdings, owner of video game makers Pandemic Studios and BioWare for $860 million, according to the Wall Street Journal.
Elevation Partners, a Silicon Valley private equity firm had invested $300 million in VG Holdings in 2005; this is its first deal.
Notably, founding Elevation Partners partner John Riccitiello is currently chief executive of EA and was previously chief executive of VG Holdings — and before co-founding Elevation, he was chief executive at EA. He recused himself from negotiating and voting on the terms of the deal, according to the Journal.
VentureBeatVentureBeat's mission is to be a digital town square for technical decision-makers to gain knowledge about transformative technology and transact. Our site delivers essential information on data technologies and strategies to guide you as you lead your organizations. We invite you to become a member of our community, to access:
- up-to-date information on the subjects of interest to you
- our newsletters
- gated thought-leader content and discounted access to our prized events, such as Transform 2021: Learn More
- networking features, and more