US publishing giant Take-Two is going to be buying British racing specialist Codemasters.

The UK company put out a release to its investors saying that its board had come to agreement with the Grand Theft Auto maker. The deal is priced at £4.85 per share, which is being dolled out as £1.20 in cash and 0.02834 in new Take-Two shares. This values Codemasters at around £759 million ($994m).

It's expected that the acquisition will close in the first quarter of 2021.

Welcome to the family

"We are exceedingly pleased to announce this recommended transaction with the Board of Codemasters," Take-Two chair and CEO Strauss Zelnick (pictured) said.

"Codemasters has a renowned history of creating some of our industry's most beloved and commercially successful racing franchises, and we believe that their offerings will be highly complementary to our sports portfolio and enhance further our organisation's long-term growth. Moreover, we look forward to welcoming Codemasters' senior management and development teams into our Take-Two family, and sharing in our vision to deliver the highest quality entertainment experiences and aim to be the most innovative, creative and efficient company in our industry."

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