EA buys Pandemic Studios/BioWare for $860 million
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.
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About the Author, Eric Eldon
Eric currently covers digital media technology and business news, especially what's happening on social networks and their platforms. He also writes and edits stories about venture capital, and lots of other stuff, too. He started at VentureBeat in the spring of 2007, half a year or so after Matt Marshall left his reporting job at the San Jose Mercury News to found the site. Eric previously cofounded a startup called Writewith, that was building editorial software for newspapers and other groups of writers. The startup didn't work out, but he learned a lot.