Monday, Electronic Arts Inc. (ERTS) said it has acquired Playfish, a creator of social network games. The acquisition accelerates EA's position in social entertainment and strengthens its focus on the transition to digital and social gaming. Playfish will operate within EA Interactive, a division of EA focused on the web and on wireless.
EA has acquired Playfish for about US$275 million in cash and around $US25 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.
"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. EAi has been successfully leading the charge for EA, and with the addition of proven expertise from Playfish, their broad consumer base and strong game brands, we're moving ahead aggressively in our plans to lead in the category of cross-platform social entertainment," said Barry Cottle, Senior Vice President and General Manager of EA Interactive.
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