EA moves closer to $1.2 billion Codemasters purchase

EA has edged closer to buying Codemasters after shareholders of the latter approved the takeover. Out of 76 shareholders, 63 approved EA's $1.2 billion bid. Those who voted for the deal hold just under 99 percent of the total Codemasters stock.

Competition regulators in Germany and Austria have rubber stamped the acquisition and a court hearing will take place on February 16th. Barring any problems, EA should close the deal by the end of the spring. Codemasters will then be part of a new subsidiary called Codex Games.

For a while, it seemed that Take-Two Interactive would be Codemasters' destination. The Grand Theft Auto publisher made a bid of almost $1 billion in November, but EA swooped in with a higher offer the following month.

In its quarterly earnings report, EA said it'll be able to release new racing games every year after it seals the purchase. EA already has some racing franchises in its portfolio, including the Need for Speed and Burnout games. After the deal goes through it will add the likes of Dirt, Grid, Project Cars and the F1 series to its stable.