List of largest video game mergers and acquisitions

Last updated

This is a list of largest mergers and acquisitions (M&A) in the video game industry with publicly disclosed deal values. Microsoft's acquisition of Activision Blizzard is the most expensive video game acquisitions of all time followed by Activision-Vivendi Games merger and Take-Two Interactive-Zynga acquisition. 14 of the 20 most expensive video game purchases in video game history occurred just between 2020 and 2023.

Contents

M&A with deal value of at least US$1 billion

AcquirerTargetYearDeal value (US$)Inflation adjusted (US$)Reference
Flag of the United States.svg Microsoft Flag of the United States.svg Activision Blizzard 202375,400,000,00075,400,000,000 [1] [2]
Flag of the United States.svg Activision Flag of the United States.svg Flag of France.svg Vivendi Games 200818,900,000,00026,746,000,000 [3]
Flag of the United States.svg Take-Two Interactive Flag of the United States.svg Zynga 202212,700,000,00013,223,000,000 [4]
Flag of the People's Republic of China.svg Tencent Flag of Finland.svg Supercell (81.4%)20168,600,000,00010,918,000,000 [5]
Flag of the United States.svg Microsoft Flag of the United States.svg ZeniMax Media 20218,100,000,0009,108,000,000 [6]
Flag of the United States.svg Activision Blizzard Flag of Sweden.svg Flag of the United Kingdom.svg King 20165,900,000,0007,584,000,000 [7]
Flag of Saudi Arabia.svg Savvy Games Group Flag of the United States.svg Scopely 20234,900,000,0004,900,000,000 [8]
Flag of the People's Republic of China.svg ByteDance Flag of the People's Republic of China.svg Moonton 20214,000,000,0004,498,000,000 [9] [10]
Flag of Japan.svg Flag of the United States.svg Sony Interactive Entertainment Flag of the United States.svg Bungie 20223,700,000,0003,852,000,000 [11] [12]
Flag of Sweden.svg EQT Flag of Ireland.svg Keywords Studios 20242,390,000,0002,390,000,000 [13]
Flag of the United States.svg Microsoft Flag of Sweden.svg Mojang 20142,500,000,0003,218,000,000 [14]
Flag of the United States.svg Electronic Arts Flag of the United States.svg Glu Mobile 20212,400,000,0002,699,000,000 [15]
Flag of the United States.svg Facebook Flag of the United States.svg Oculus VR 20142,000,000,0002,574,000,000 [16]
Flag of the United States.svg Zynga Flag of Turkey.svg Peak 20201,800,000,0002,119,000,000 [17]
Flag of Japan.svg Bandai Flag of Japan.svg Namco 20051,700,000,0002,652,000,000 [18]
Flag of the People's Republic of China.svg Tencent Flag of Hong Kong.svg Leyou 20201,500,000,0001,766,000,000 [19]
Flag of Saudi Arabia.svg Savvy Games Group Flag of Germany.svg ESL, Flag of the United Kingdom.svg FACEIT 20221,500,000,0001,562,000,000 [20]
Flag of the United States.svg Electronic Arts Flag of the United Kingdom.svg Playdemic 20211,400,000,0001,574,000,000 [21]
Flag of Sweden.svg Embracer Group Flag of the United States.svg Gearbox Software 20211,300,000,0001,462,000,000 [22]
Flag of the People's Republic of China.svg Tencent Flag of the United Kingdom.svg Sumo Group 20211,270,000,0001,428,000,000 [23]
Flag of the United States.svg Electronic Arts Flag of the United Kingdom.svg Codemasters 20201,200,000,0001,413,000,000 [24]
Flag of the United States.svg Scopely Flag of the United States.svg GSN Games 20211,000,000,0001,124,000,000 [25]

M&A with deal value of at least US$100 million

AcquirerTargetYearDeal value (US$)Inflation adjusted (US$)Reference
Flag of the People's Republic of China.svg Zhongji Holding Flag of the People's Republic of China.svg DianDian Interactive2014960,000,0001,236,000,000 [26]
Flag of the United States.svg Churchill Downs Incorporated Flag of the United States.svg Big Fish Games 2014885,000,0001,139,000,000 [27]
Flag of Japan.svg Sega Flag of Finland.svg Rovio Entertainment 2023776,000,000776,000,000 [28]
Flag of the United States.svg Electronic Arts Flag of Canada (Pantone).svg BioWare
Flag of the United States.svg Pandemic Studios
2007775,000,0001,139,000,000 [29]
Flag of the United States.svg Electronic Arts Flag of the United States.svg PopCap Games 2011750,000,0001,016,000,000 [30]
Flag of Japan.svg Square Flag of Japan.svg Enix 2003727,000,0001,204,000,000 [31]
Flag of the United States.svg Zynga Flag of Finland.svg Small Giant Games 2018700,000,000849,000,000 [32]
Flag of the United States.svg Electronic Arts Flag of the United States.svg Jamdat Mobile 2005680,000,0001,061,000,000 [33]
Flag of Sweden.svg Embracer Group Flag of Cyprus.svg Easybrain 2021640,000,000640,000,000 [34]
Flag of the United States.svg The Walt Disney Company Flag of the United States.svg Playdom 2010563,000,000787,000,000 [35]
Flag of the United States.svg Macarthur Fortune Holding Flag of the United Kingdom.svg Jagex 2020530,000,000530,000,000 [36]
Flag of the United States.svg Zynga Flag of the United Kingdom.svg NaturalMotion 2014527,000,000678,000,000 [37]
Flag of Sweden.svg Embracer Group Flag of the United States.svg Saber Interactive 2020525,000,000525,000,000 [38]
Flag of the United States.svg Zynga Flag of the People's Republic of China.svg StarLark 2021525,000,000525,000,000 [39]
Flag of South Korea.svg Nexon Flag of South Korea.svg Gloops 2012486,000,000645,000,000 [40]
Flag of the United States.svg Take-Two Interactive Flag of the United States.svg Gearbox Software 2024460,000,000460,000,000 [41]
Flag of Sweden.svg Embracer Group Flag of the United States.svg Aspyr 2021450,000,000450,000,000 [42]
Flag of South Korea.svg Pearl Abyss Flag of Iceland.svg CCP Games 2018425,000,000516,000,000 [43] [44]
Flag of Japan.svg Square Enix Flag of Japan.svg Taito 2005409,100,000638,000,000 [45]
Flag of Japan.svg DeNA Flag of the United States.svg ngmoco 2010400,000,000559,000,000 [46]
Flag of the United States.svg Electronic Arts Flag of the United Kingdom.svg Playfish 2009400,000,000568,000,000 [47]
Flag of the People's Republic of China.svg Tencent Flag of the United States.svg Riot Games 2011400,000,000542,000,000 [48]
Flag of Japan.svg Flag of the United States.svg Sony Computer Entertainment Flag of the United States.svg Gaikai 2012380,000,000504,000,000 [49]
Flag of the United States.svg Take-Two Interactive Flag of Serbia.svg Nordeus 2021378,000,000378,000,000 [50]
Flag of the United States.svg Microsoft Flag of the United Kingdom.svg Rare 2002375,000,000635,000,000 [51]
Flag of the United States.svg The Walt Disney Company Flag of Canada (Pantone).svg New Horizon Interactive 2007350,930,000516,000,000 [52]
Flag of the United States.svg Electronic Arts Flag of the United States.svg Respawn Entertainment 2017315,000,000392,000,000 [53]
Flag of Sweden.svg Embracer Group Flag of Japan.svg Flag of the United Kingdom.svg Square Enix Europe 2022300,000,000300,000,000 [54]
Flag of Sweden.svg Enad Global 7 Flag of the United States.svg Daybreak Game Company 2020300,000,000300,000,000 [55]
Flag of the United States.svg Take-Two Interactive Flag of Spain.svg Social Point 2017250,000,000311,000,000 [56]
Flag of the United States.svg Zynga Flag of Turkey.svg Gram Games 2018250,000,000303,000,000 [57]
Flag of the United States.svg Beacon Interactive Flag of the United States.svg Saber Interactive 2024247,000,000 [lower-alpha 1] 247,000,000 [58]
Flag of Japan.svg Flag of the United States.svg Sony Interactive Entertainment Flag of the United States.svg Insomniac Games 2019229,000,000273,000,000

[59]

Flag of the United States.svg Warner Bros. Interactive Entertainment Flag of the United Kingdom.svg TT Games 2007210,000,000309,000,000 [60]
Flag of Japan.svg GREE, Inc. Flag of Japan.svg Funzio2012210,000,000279,000,000 [61]
Flag of the United States.svg Zynga Flag of the United States.svg OMGPop 2012210,000,000279,000,000 [62]
Flag of the United States.svg Lycos Flag of the United States.svg Gamesville 1999207,000,000379,000,000 [63]
Flag of Japan.svg Koei Flag of Japan.svg Tecmo 2009207,000,000299,000,000 [64]
Flag of the United States.svg Take-Two Interactive Flag of the United States.svg Playdots2020193,000,000193,000,000 [65]
Flag of the United States.svg Zynga Flag of Turkey.svg Rollic2020180,000,000180,000,000 [66]
Flag of the United States.svg Viacom Flag of the United States.svg Harmonix 2006175,000,000264,000,000 [67]
Flag of the United States.svg Jam City Flag of Canada (Pantone).svg Ludia 2021165,000,000165,000,000 [68]
Flag of the United States.svg Warner Bros. Interactive Entertainment Flag of the United States.svg Turbine Entertainment Software 2010160,000,000224,000,000 [69]
Flag of Sweden.svg THQ Nordic AB Flag of Austria.svg Flag of Germany.svg Koch Media 2018149,600,000182,000,000 [70]
Flag of the People's Republic of China.svg Tencent Flag of Norway.svg Funcom 2020148,000,000148,000,000 [71]
Flag of Sweden.svg Embracer Group Flag of Poland.svg Flying Wild Hog 2020137,000,000137,000,000 [72]
Flag of France.svg Infogrames Flag of the United States.svg GT Interactive 1999135,000,000247,000,000 [73]
Flag of Canada (Pantone).svg Leaf Mobile Flag of Canada (Pantone).svg East Side Games2021135,000,000135,000,000 [74]
Flag of the United States.svg Electronic Arts Flag of the United States.svg Maxis 1997125,000,000237,000,000 [75]
Flag of Sweden.svg Embracer Group Flag of the People's Republic of China.svg Perfect World Entertainment 2021125,000,000125,000,000 [76]
Flag of the United States.svg Electronic Arts Flag of the United States.svg Westwood Studios 1998122,500,000229,000,000 [77]
Flag of Japan.svg Square Enix Flag of the United Kingdom.svg Eidos Interactive 2009120,000,000170,000,000 [78]
Flag of the United States.svg Turtle Beach Flag of the United States.svg Performance Designed Products 2024118,000,000118,000,000 [79]
Flag of the United States.svg Microsoft Flag of the United Kingdom.svg Ninja Theory 2018117,000,000141,600,000 [80]
Flag of Sweden.svg Aonic Flag of the United Kingdom.svg NDreams 2023110,000,000110,000,000 [81]
Flag of Sweden.svg Embracer Group Flag of Canada (Pantone).svg A Thinking Ape2020105,000,000105,000,000 [82]
Flag of Denmark.svg Nordisk Film Flag of Sweden.svg Avalanche Studios 2018103,000,000125,000,000 [83]
Flag of France.svg Infogrames Flag of the United States.svg Hasbro Interactive 2000100,000,000177,000,000 [84]
Flag of the United Kingdom.svg Sumo Group Flag of the United States.svg Pipeworks Studios 2020100,000,000100,000,000 [85]
Flag of the United States.svg Microsoft Flag of the United States.svg Ensemble Studios 2001100,000,000172,000,000 [86]

M&A with deal value of at least US$1 million

AcquirerTargetYearDeal value (US$)Reference
Flag of Ireland.svg Keywords Studios Flag of the United Kingdom.svg The Multiplayer Group202395,240,000 [87]
Flag of Hong Kong.svg Leyou Flag of Canada (Pantone).svg Digital Extremes 201473,200,000 [88]
Flag of the United States.svg Hasbro Interactive Flag of the United States.svg MicroProse 199870,000,000 [89]
Flag of the People's Republic of China.svg 37Games
Flag of the People's Republic of China.svg Orient Securities
Flag of Hong Kong.svg Leyou
Flag of Japan.svg SNK Playmore 201563,500,000 [90]
Flag of France.svg Nacon Flag of Germany.svg Daedalic Entertainment 202260,200,000 [91]
Flag of the United Kingdom.svg Eidos Interactive Flag of Denmark.svg IO Interactive 200451,120,000 [92]
Flag of the People's Republic of China.svg Perfect World Flag of the United States.svg Cryptic Studios 201150,000,000 [93]
Flag of Ireland.svg Keywords Studios Flag of the United States.svg High Voltage Software 202050,000,000 [94]
Flag of Sweden.svg THQ Nordic AB Flag of the Czech Republic.svg Warhorse Studios 201948,510,000 [95]
Flag of the United States.svg Electronic Arts Flag of the United Kingdom.svg Criterion Software 200448,000,000 [96]
Flag of France.svg Focus Home Interactive Flag of France.svg Dotemu 202146,000,000 [97]
Flag of Sweden.svg Embracer Group Flag of Malta.svg Flag of Ukraine.svg 4A Games 202045,000,000 [98]
Flag of France.svg Nacon Flag of Australia (converted).svg Big Ant Studios 202142,500,000 [99]
Flag of the United States.svg Devolver Digital Flag of the Netherlands.svg Good Shepherd Entertainment 202141,255,000 [100]
Flag of the United States.svg Devolver Digital Flag of the United States.svg System Era Softworks 202340,000,000 [101]
Flag of the United States.svg Take-Two Interactive Flag of the United States.svg Angel Studios 200238,000,000 [lower-alpha 2] [102]
Flag of the United States.svg Electronic Arts Flag of the United States.svg Origin Systems 199235,000,000 [103]
Flag of Sweden.svg THQ Nordic AB Flag of Sweden.svg Coffee Stain Studios 201834,900,000 [104]
Flag of the United States.svg Warner Bros. Interactive Entertainment Flag of the United States.svg Midway Games 200933,000,000 [105] [106]
Flag of Ireland.svg Keywords Studios Flag of the United States.svg Forgotten Empires 202232,500,000 [107]
Flag of the United States.svg Take-Two Interactive Flag of the United States.svg Visual Concepts
Flag of the United States.svg Kush Games
200532,200,000 [108]
Flag of the United States.svg tinyBuild Flag of the United States.svg Versus Evil 202131,300,000 [109]
Flag of the United Kingdom.svg Codemasters Flag of the United Kingdom.svg Slightly Mad Studios 201930,000,000 [110]
Flag of the United States.svg Devolver Digital Flag of the United Kingdom.svg Firefly Studios 202127,476,000 [100]
Flag of the United States.svg Devolver Digital Flag of Croatia.svg Croteam 202026,935,000 [100]
Flag of Japan.svg Sega Flag of Canada (Pantone).svg Relic Entertainment 201326,600,000 [111]
Flag of France.svg Ubisoft Flag of the United Kingdom.svg Reflections Interactive 200624,000,000 [112]
Flag of Austria.svg Flag of Germany.svg Koch Media Flag of the United States.svg Volition 201323,000,000 [111]
Flag of Japan.svg Kadokawa Corporation Flag of Japan.svg From Software 201422,500,000 [113]
Flag of the United States.svg Activision Flag of the United States.svg Treyarch 200120,000,000 [114]
Flag of the United States.svg Devolver Digital Flag of the United Kingdom.svg Nerial 202117,353,000 [100]
Flag of the United States.svg tinyBuild Flag of Russia.svg Bad Pixel 202117,100,000 [115]
Flag of the United States.svg GT Interactive Flag of the United Kingdom.svg Reflections Interactive 199914,700,000 [116]
Flag of the United States.svg Take-Two Interactive Flag of the United Kingdom.svg DMA Design 200011,000,000 [117]
Flag of Sweden.svg Embracer Group Flag of Sweden.svg Tarsier Studios 201910,500,000 [118]
Flag of the United States.svg tinyBuild Flag of the United States.svg Animal202110,100,000 [119]
Flag of Norway.svg Opera Flag of the United Kingdom.svg YoYo Games 202110,000,000 [120]
Flag of France.svg Atari SA Flag of the United States.svg Nightdive Studios 202310,000,000 [121]
Flag of Sweden.svg Starbreeze Studios Flag of India.svg Dhruva Interactive 20168,500,000 [122]
Flag of France.svg Focus Home Interactive Flag of Germany.svg Deck13 20207,900,000 [123]
Flag of the United States.svg Take-Two Interactive Flag of India.svg Dhruva Interactive 20197,900,000 [124]
Flag of Sweden.svg Paradox Interactive Flag of the United States.svg Harebrained Schemes 20187,500,000 [125]
Flag of the United States.svg Take-Two Interactive Flag of Canada (Pantone).svg Barking Dog Studios 20023,000,000 [126]

M&A which failed to complete

AcquirerTargetYearDeal value (US$)NotesReference
Flag of France.svg Vivendi Flag of France.svg Ubisoft 20166,400,000,000In 2018, Vivendi agreed to stop pursuing its hostile takeover bid for Ubisoft and sell its shares to various investors, including Tencent. Vivendi had completely divested its stake in Ubisoft by March 2019. [127] [128] [129]
Flag of the United States.svg Electronic Arts Flag of the United States.svg Take-Two Interactive 20081,900,000,000Although Take-Two were interested in merging with another company at the time, Strauss Zelnick and Take-Two's board of directors considered EA's cash offer inadequate. In September 2008, EA gave up on the acquisition and let the offer expire. [130] [131] [132]
Flag of the United States.svg Take-Two Interactive Flag of France.svg Flag of the United States.svg Vivendi Universal Games 20031,000,000,000Take-Two planned to acquire Vivendi's video game division, which at the time was up for sale as part of the parent company's plan to sell $7.7 billion in assets. Take-Two's offer was far short of the $1.6 billion Vivendi sought for the business. Ultimately the deal never came to pass and Vivendi Games would later merge with Activision to form Activision Blizzard. [133]
Flag of the United States.svg Take-Two Interactive Flag of the United Kingdom.svg Codemasters 2020994,000,000Take-Two offered to acquire Codemasters in November 2020 for approximately US$994 million and Codemasters subsequently accepted the deal. However, in December 2020, Electronic Arts placed a rival offer of $1.2 billion, 14% higher than Take-Two's bid, which Codemasters' board of directors agreed to instead. Take-Two formally withdrew its offer in January 2021, ceding to EA's bid. EA fully acquired Codemasters on February 21, 2021. [134] [135] [136] [137]
Flag of Israel.svg Playtika Flag of Finland.svg Rovio 2023813,000,000Playtika held preliminary discussions with Rovio about a potential acquisition in January 2023. Playtika made a €9.05 per share all-cash offer to Rovio's board of directors. Those discussions ended with no deal the following March and Rovio stated that it would seek merger discussions with other parties instead. [138] [139]
Flag of the United States.svg GT Interactive Flag of the United States.svg MicroProse 1997250,000,000Despite the merger agreement being signed and unanimously approved by both companies shareholders, the merger was called off two months after the deal was signed. The merger was reportedly called off due to "fundamental" disagreement over the handling of research and development costs. In the following years, MicroProse was acquired by Hasbro. [140] [141] [142] [143]
Flag of Japan.svg Square Enix Flag of Japan.svg Tecmo 2008200,000,000Tecmo rejected Square Enix's buyout offer, opting instead for a merger of equals with Koei. [144] [145]
Flag of the United States.svg Elevation Partners Flag of the United Kingdom.svg Eidos Interactive 2005136,300,000Elevation attempted to acquire Eidos in March 2005 as the newly formed firm's first acquisition, but were outbid by SCi, who ultimately acquired Eidos in May 2005. [146] [147]
Flag of the United States.svg ZeniMax Media Flag of Canada (Pantone).svg Relic Entertainment 201326,300,000At THQ's bankruptcy auction, ZeniMax bid $26.3 million for Relic Entertainment and the Company of Heroes IP, but were subsequently outbid by Sega by only $300K, with Sega ultimately acquiring Relic. [148] [149]

Notes

  1. Beacon Interactive has the option to later acquire 4A Games and Zen Studios from Embracer Group, which will raise the total acquisition price to $500 Million if exercised
  2. Take-Two Interactive bought Angel Studios for US$28 million in cash and 235,679 shares of restricted stock, totaling a value of approximately US$38 million. [102]

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