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Elevation Selling Gaming Companies

Electronic Arts Inc. (Nasdaq: ERTS) has agreed to acquire gaming companies BioWare Corp. and Pandemic Studios from Elevation Partners, for up to $620 million in cash. EA also will issue up to $155 million in equity to certain BioWare and Pandemic employees. Elevation acquired BioWare and Pandemic in 2005 for “more than $300 million,” and put them under a holding company umbrella called VG Holding Corp. EA chief executive John Riccitiello recused himself from negotiating terms of the deal, and he is a former partner with Elevation. www.ea.com