List of largest video game mergers and acquisitions

The video game industry has been subject to several mergers and acquisitions, such as Microsoft's acquisition of Activision Blizzard, which is the most expensive video game industry acquisition of all time, followed by the Activision-Vivendi Games merger and Take-Two Interactive's acquisition of Zynga. 14 of the 20 most expensive video game purchases in video game history occurred just between 2020 and 2023.

At least US$1 billion

Acquirer(s) Target Year Deal value (US$) Inflation adjusted (US$)Type Microsoft Activision Blizzard 2023 75,400,000,000 Acquisition Public Investment Fund Silver Lake Affinity Partners Electronic Arts 2026 55,000,000,000 Leveraged buyout Activision Vivendi Games 2008 18,900,000,000 Merger Take-Two Interactive Zynga 2022 12,700,000,000 Acquisition Tencent Supercell (81.4%) 2016 8,600,000,000 Shares acquisition Microsoft ZeniMax Media 2021 8,100,000,000 Acquisition Savvy Games Group Moonton 2026 6,000,000,000 Activision Blizzard King 2016 5,900,000,000 Savvy Games Group Scopely 2023 4,900,000,000 ByteDance Moonton 2021 4,000,000,000 Sony Interactive Entertainment Bungie 2022 3,700,000,000 Savvy Games Group Niantic Games 2025 3,500,000,000 Microsoft Mojang 2014 2,500,000,000 EQT Keywords Studios (51%) 2024 2,390,000,000 Shares acquisition Electronic Arts Glu Mobile 2021 2,400,000,000 Acquisition Facebook Oculus VR 2014 2,000,000,000 Trustar Capital Lingxi Games 2026 2,000,000,000 Playtika SuperPlay 2024 1,950,000,000 Zynga Peak 2020 1,800,000,000 Bandai Namco 2005 1,700,000,000 Merger The Walt Disney Company Epic Games (9%) 2024 1,500,000,000 Shares acquisition Tencent Leyou 2020 1,500,000,000 Acquisition Savvy Games Group ESL, FACEIT 2022 1,500,000,000 Electronic Arts Playdemic 2021 1,400,000,000 Embracer Group Gearbox Software 2021 1,300,000,000 Tencent Vantage Studios (26.3%) 2025 1,300,000,000 Shares acquisition Tencent Sumo Group 2021 1,270,000,000 Acquisition Electronic Arts Codemasters 2020 1,200,000,000 Tencent Easybrain 2025 1,200,000,000 Scopely GSN Games 2021 1,000,000,000

At least US$100 million

Acquirer(s) Target Year Deal value (US$) Inflation adjusted (US$) Type Zhongji Holding DianDian Interactive 2014 960,000,000 Acquisition Churchill Downs Incorporated Big Fish Games 2014 885,000,000 Tripledot Games AppLovin Games 2025 800,000,000 Sega Rovio Entertainment 2023 776,000,000 Electronic Arts BioWare Pandemic Studios 2007 775,000,000 Electronic Arts PopCap Games 2011 750,000,000 Square Enix 2003 727,000,000 Merger Zynga Small Giant Games 2018 700,000,000 Acquisition Electronic Arts Jamdat Mobile 2005 680,000,000 Embracer Group Easybrain 2021 640,000,000 The Walt Disney Company Playdom 2010 563,000,000 Macarthur Fortune Holding Jagex 2020 530,000,000 Zynga NaturalMotion 2014 527,000,000 Embracer Group Saber Interactive 2020 525,000,000 Zynga StarLark 2021 525,000,000 Krafton Unknown Worlds 2021 500,000,000 Nexon Gloops 2012 486,000,000 Take-Two Interactive Gearbox Software 2024 460,000,000 Embracer Group Aspyr 2021 450,000,000 Pearl Abyss CCP Games 2018 425,000,000 Square Enix Taito 2005 409,100,000 Merger DeNA ngmoco 2010 400,000,000 Acquisition Electronic Arts Playfish 2009 400,000,000 Tencent Riot Games 2011 400,000,000 Sony Computer Entertainment Gaikai 2012 380,000,000 Take-Two Interactive Nordeus 2021 378,000,000 Microsoft Rare 2002 375,000,000 The Walt Disney Company New Horizon Interactive 2007 350,930,000 Electronic Arts Respawn Entertainment 2017 315,000,000 Embracer Group Square Enix Europe 2022 300,000,000 Enad Global 7 Daybreak Game Company 2020 300,000,000 Take-Two Interactive Social Point 2017 250,000,000 Zynga Gram Games 2018 250,000,000 Beacon Interactive Saber Interactive 2024 247,000,000 Sony Interactive Entertainment Insomniac Games 2019 229,000,000 Warner Bros. Interactive Entertainment TT Games 2007 210,000,000 GREE, Inc. Funzio 2012 210,000,000 Zynga OMGPop 2012 210,000,000 Lycos Gamesville 1999 207,000,000 Koei Tecmo 2009 207,000,000 Merger NCSoft JustPlay (70%) 2026 205,000,000 Shares acquisition Take-Two Interactive Playdots 2020 193,000,000 Acquisition Zynga Rollic 2020 180,000,000 Viacom Harmonix 2006 175,000,000 Harmonix Jam City Ludia 2021 165,000,000 Warner Bros. Interactive Entertainment Turbine Entertainment Software 2010 160,000,000 Mattel Mattel163 2026 159,000,000 Shares acquisition THQ Nordic AB Koch Media 2018 149,600,000 Acquisition Tencent Funcom 2020 148,000,000 Embracer Group Flying Wild Hog 2020 137,000,000 Infogrames GT Interactive 1999 135,000,000 Leaf Mobile East Side Games 2021 135,000,000 Electronic Arts Maxis 1997 125,000,000 Embracer Group Perfect World Entertainment 2021 125,000,000 Electronic Arts Westwood Studios 1998 122,500,000 Square Enix Eidos Interactive 2009 120,000,000 Turtle Beach Performance Designed Products 2024 118,000,000 Microsoft Ninja Theory 2018 117,000,000 Aonic NDreams 2023 110,000,000 Embracer Group A Thinking Ape 2020 105,000,000 NCSoft Indygo Group (67%) 2025 103,800,000 Shares acquisition Nordisk Film Avalanche Studios 2018 103,000,000 Acquisition Infogrames Hasbro Interactive 2000 100,000,000 "Company News; Hasbro Completes Sale Of Interactive Business" from The New York Times Sumo Group Pipeworks Studios 2020 100,000,000 Microsoft Ensemble Studios 2001 100,000,000

At least US$1 million

Acquirer(s) Target Year Deal value (US$) Inflation adjusted (US$) Type Krafton Eleventh Hour Games 2025 96,000,000 Acquisition Keywords Studios The Multiplayer Group 2023 95,240,000 Leyou Digital Extremes 2014 73,200,000 Hasbro Interactive MicroProse 1998 70,000,000 "Hasbro Buying Alameda's MicroProse" from the San Francisco Chronicle 37Games Orient Securities Leyou SNK Playmore 2015 63,500,000 Nacon Daedalic Entertainment 2022 60,200,000 Eidos Interactive IO Interactive 2004 51,120,000 Perfect World Cryptic Studios 2011 50,000,000 Keywords Studios High Voltage Software 2020 50,000,000 THQ Nordic AB Warhorse Studios 2019 48,510,000 Electronic Arts Criterion Software 2004 48,000,000 Focus Home Interactive Dotemu 2021 46,000,000 Embracer Group 4A Games 2020 45,000,000 Nacon Big Ant Studios 2021 42,500,000 Devolver Digital Good Shepherd Entertainment 2021 41,255,000 Devolver Digital System Era Softworks 2023 40,000,000 Tripledot Games Supersonic202640,000,000 Take-Two Interactive Angel Studios 2002 38,000,000 Electronic Arts Origin Systems 1992 35,000,000 THQ Nordic AB Coffee Stain Studios 2018 34,900,000 Warner Bros. Interactive Entertainment Midway Games 2009 33,000,000 Keywords Studios Forgotten Empires 2022 32,500,000 Take-Two Interactive Visual Concepts Kush Games 2005 32,200,000 tinyBuild Versus Evil 2021 31,300,000 Codemasters Slightly Mad Studios 2019 30,000,000 Project Golden Arc Arc Games, Cryptic Studios 2025 30,000,000 Atari Hipster Whale202629,300,00029,300,000 Nazara Technologies Curve Games 2025 28,900,000 Devolver Digital Firefly Studios 2021 27,476,000 Devolver Digital Croteam 2020 26,935,000 Sega Relic Entertainment 2013 26,600,000 Ubisoft Reflections Interactive 2006 24,000,000 Koch Media Volition 2013 23,000,000 Kadokawa Corporation From Software 2014 22,500,000 Activision Treyarch 2001 20,000,000 Devolver Digital Nerial 2021 17,353,000 tinyBuild Bad Pixel 2021 17,100,000 GT Interactive Reflections Interactive 1999 14,700,000 Griffin Gaming Partners Playdigious 2025 12,200,000 Take-Two Interactive DMA Design 2000 11,000,000 Embracer Group Tarsier Studios 2019 10,500,000 tinyBuild Animal 2021 10,100,000 Opera YoYo Games 2021 10,000,000 Atari SA Nightdive Studios 2023 10,000,000 Starbreeze Studios Dhruva Interactive 2016 8,500,000 Focus Home Interactive Deck13 2020 7,900,000 Take-Two Interactive Dhruva Interactive 2019 7,900,000 Paradox Interactive Harebrained Schemes 2018 7,500,000 Atari SA Thunderful Group 2025 5,200,000 Take-Two Interactive Barking Dog Studios 2002 3,000,000

Abandoned deals

Acquirer(s) Target Year Deal value (US$) Inflation adjusted (US$) Type Vivendi Ubisoft 2016 6,400,000,000 In 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. Electronic Arts Take-Two Interactive 2008 1,900,000,000 Although 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. Take-Two Interactive Vivendi Universal Games 2003 1,000,000,000 Take-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. Take-Two Interactive Codemasters 2020 994,000,000 Take-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. Playtika Rovio 2023 813,000,000 Playtika 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. Zynga Supercell2012400,000,000400,000,000Zynga had agreed to acquire Supercell for $400 million in an all-cash deal, but the acquisition was not completed after Zynga's board opposed the transaction. Zynga founder Mark Pincus attributed the board's decision to concerns about Zynga's management of its existing businesses, particularly following its $180 million acquisition of OMGPop, which he described as unsuccessful. GT Interactive MicroProse 1997 250,000,000 Despite 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. "$250 Million Stock Deal for Microprose" from The New York Times"Company News; Microprose And Gt Interactive End Merger Talks" from The New York Times Square Enix Tecmo 2008 200,000,000 Tecmo rejected Square Enix's buyout offer, opting instead for a merger of equals with Koei. Elevation Partners Eidos Interactive 2005 136,300,000 Elevation 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. ZeniMax Media Relic Entertainment 2013 26,300,000 At 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.

See also List of largest media and entertainment mergers and acquisitions

Notes

References