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.
[aditude-amp id="flyingcarpet" targeting='{"env":"staging","page_type":"article","post_id":44354,"post_type":"story","post_chan":"none","tags":null,"ai":false,"category":"none","all_categories":"business,","session":"C"}']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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