Photo Credit: Bloomberg
US video game powerhouse Electronic Arts on Monday announced a $2.1 billion (roughly Rs. 15,300 crores) deal to by smartphone-focused game studio Glu Mobile.
"Mobile continues to grow as the biggest gaming platform in the world, and with the addition of Glu's games and talent, we're doubling the size of our mobile business," said EA chief executive Andrew Wilson.
EA expected Glu to enable it to build on popular video game franchises with mobile offerings. Glu's line-up of games includes Design Home and Covet Fashion.
"As part of Electronic Arts, we will continue capitalizing on the opportunities ahead in the expanding mobile gaming industry," said Glu chief executive Nick Earl.
The Glu team includes more than 500 mobile game developers, according to the companies.
The acquisition was expected to close by the end of June, pending approval of regulators and Glu shareholders.
EA last week reported higher quarterly sales on strength in its FIFA brand and other franchises but profits that were lower.
EA cited FIFA Ultimate Team, as well as Apex Legends Battle Royale as especially hot titles.
Last week, EA reported revenues for the quarter ending December 31 rose 5.0 percent to $1.7 billion (roughly Rs. 12,400 crores).
But profits fell 39 percent to $211 million (roughly Rs. 1,540 crores) as the company spent more on research and development, marketing and administrative costs.
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