Electronic Arts has snapped up social networking games maker Playfish for a recession busting $275 million. Don't believe that anybody in their right mind who spend that kind of cash on social networking? It's official and here.
"EA has acquired Playfish for approximately US$275 million in cash and approximately US$25 million in equity retention arrangements. In addition, the sellers are entitled to additional variable cash consideration, up to a maximum of US$100 million, contingent upon the achievement of certain performance milestones through December 31, 2011," says the official statement.
Barry Cottle, Senior Vice President and General Manager of EA Interactive - whose behind has got to be on the line for this deal (and who will be a very popular SVP when and if it pays off), says, “Social gaming, with its emphasis on friends and community, is seeing tremendous growth and this is the right time to invest to strengthen our participation in this space."
Playfsh makes games such as Pet Society, Restaurant City, Country Story and Who Has The Biggest Brain?. Who has the biggest wallet would now appear to be the next game...
"EA has acquired Playfish for approximately US$275 million in cash and approximately US$25 million in equity retention arrangements. In addition, the sellers are entitled to additional variable cash consideration, up to a maximum of US$100 million, contingent upon the achievement of certain performance milestones through December 31, 2011," says the official statement.
Barry Cottle, Senior Vice President and General Manager of EA Interactive - whose behind has got to be on the line for this deal (and who will be a very popular SVP when and if it pays off), says, “Social gaming, with its emphasis on friends and community, is seeing tremendous growth and this is the right time to invest to strengthen our participation in this space."
Playfsh makes games such as Pet Society, Restaurant City, Country Story and Who Has The Biggest Brain?. Who has the biggest wallet would now appear to be the next game...
Companies:
Electronic Arts
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