Take-Two Interactive made a $974 million offer for British game developer Codemasters Group. Executives at Take-Two believe Codemasters’ official Formula 1 racing games would complement its current titles like Grand Theft Auto and NBA 2K.
Codemasters’ revenue has climbed 68% year-over-year and its shares have jumped more than 70% year-to-date on the London Stock Exchange. Analysts expect Codemasters’ fiscal 2021 revenue to reach approximately $158 million; Take-Two’s sales are expected to hit $3.13 billion.
Following a second quarter earnings report that exceeded projections last week, Take-Two’s shares sank more than 15% as markets shifted with news of a promising COVID-19 vaccine trial.