Last month, gaming giant, Electronic Arts (EA) has announced that it will be acquiring Titanfall developer, Respawn. The deal was expected to be close by the end of calendar 2017. But, the deal closing process went smoothly it seems as the deal has now been closed, ahead of schedule. According to a filing with the Securities & Exchange Commission dated December 4 confirms that the deal of EA buying Respawn was completed on December 1.
The terms and conditions remain the same as it was mentioned in November when EA announced its intention to purchase Respawn. The terms and condition include $151 million in cash and up to $164 million in equity through stock units for employees, vesting over four years. The gaming giants will pay up to another $140 million if Respawn can hit "certain performance milestones" for the upcoming games, by 2022.
Founded in 2010 by Call of Duty developers, Vince Zampella and Jason West, Respawn has worked primarily with EA since it was started, though it remained independent until now.
According to a post on Respawn's website, Vince Zampella, the CEO of Respawn said that he will remain in charge and that no layoffs will take place. "While it wasn't necessary, going with EA made a lot of sense," Vince said. "With Titanfall and Star Wars, EA has been a great development partner that supports us and doesn't interfere with our process for making games or studio culture.”
"EA will provide us with more resources, access to new technologies, platforms, and expertise that we can utilize and it will help us make better games, and Respawn will continue with the same creative freedom and culture we've always had.”
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