Electronic Arts-Ubisoft stock grab OK'd
EA gets clearance in acquisition of 3 million-plus shares of Ubisoft; chalks up paper profit of $52 million.
Electronic Arts this morning posted a brief statement on its Web site indicating that the previously announced purchase of Ubisoft shares has secured all regulatory approvals and clearances.
The 3,497,049 shares of Ubisoft, purchased from the previous shareholders, Talpa Beheer, were obtained for a price of 19.69 euros ($25.52) per share. The purchase took place in late December of 2004. Today, Ubisoft shares closed at 31.53 euros ($40.87) on the Paris Exchange, giving Electronic Arts a paper profit of more than $52 million. United States-based Electronics Arts has yet to specify how it would leverage its new ownership stake in one of its fiercest competitors.
Curt Feldman reported for GameSpot.