List of largest video game mergers and acquisitions

This is a list of largest mergers and acquisitions (M&A) in the video game industry with publicly disclosed deal values. Microsoft's acquisition of Activision Blizzard is the most expensive video game acquisitions of all time followed by Activision-Vivendi Games merger and Take-Two Interactive-Zynga acquisition. 14 of the 20 most expensive video game purchases in video game history occurred just between 2020 and 2023.

M&A with deal value of at least US$1 billion

Acquirer(s) Target Year Deal value (US$) Inflation adjusted (US$) Type Reference
Microsoft Activision Blizzard 2023 75,400,000,000 79,674,000,000 Acquisition [1][2]
Public Investment Fund Electronic Arts 2026 55,000,000,000 56,447,000,000 Leveraged buyout [3]
Activision Vivendi Games 2008 18,900,000,000 28,262,000,000 Merger [4]
Take-Two Interactive Zynga 2022 12,700,000,000 13,972,000,000 Acquisition [5]
Tencent Supercell (81.4%) 2016 8,600,000,000 11,537,000,000 Shares acquisition [6]
Microsoft ZeniMax Media 2021 8,100,000,000 9,624,000,000 Acquisition [7]
Savvy Games Group Moonton 2026 6,00,000,000 6,00,000,000 [8]
Activision Blizzard King 2016 5,900,000,000 8,014,000,000 [9]
Savvy Games Group Scopely 2023 4,900,000,000 5,178,000,000 [10]
ByteDance Moonton 2021 4,000,000,000 4,753,000,000 [11][12]
Sony Interactive Entertainment Bungie 2022 3,700,000,000 4,071,000,000 [13][14]
Savvy Games Group Niantic Games 2025 3,500,000,000 3,592,000,000 [15]
EQT Keywords Studios (51%) 2024 2,390,000,000 2,453,000,000 Shares acquisition [16]
Microsoft Mojang 2014 2,500,000,000 3,400,000,000 Acquisition [17]
Electronic Arts Glu Mobile 2021 2,400,000,000 2,852,000,000 [18]
Facebook Oculus VR 2014 2,000,000,000 2,720,000,000 [19]
Playtika SuperPlay 2024 1,950,000,000 2,063,000,000 [20]
Zynga Peak 2020 1,800,000,000 2,239,000,000 [21]
Bandai Namco 2005 1,700,000,000 2,802,000,000 Merger [22]
The Walt Disney Company Epic Games (9%) 2024 1,500,000,000 1,539,000,000 Shares acquisition [23]
Tencent Leyou 2020 1,500,000,000 1,866,000,000 Acquisition [24]
Savvy Games Group ESL, FACEIT 2022 1,500,000,000 1,650,000,000 [25]
Electronic Arts Playdemic 2021 1,400,000,000 1,663,000,000 [26]
Embracer Group Gearbox Software 2021 1,300,000,000 1,545,000,000 [27]
Tencent Vantage Studios (26.3%) 2025 1,300,000,000 1,300,000,000 Shares acquisition [28]
Tencent Sumo Group 2021 1,270,000,000 1,509,000,000 Acquisition [29]
Electronic Arts Codemasters 2020 1,200,000,000 1,493,000,000 [30]
Tencent Easybrain 2025 1,200,000,000 1,200,000,000 [31]
Scopely GSN Games 2021 1,000,000,000 1,188,000,000 [32]

M&A with deal value of at least US$100 million

Acquirer(s) Target Year Deal value (US$) Inflation adjusted (US$) Type Reference
Zhongji Holding DianDian Interactive 2014 960,000,000 1,306,000,000 Acquisition [33]
Churchill Downs Incorporated Big Fish Games 2014 885,000,000 1,204,000,000 [34]
Tripledot Games AppLovin Games 2025 800,000,000 821,000,000 [35]
Sega Rovio Entertainment 2023 776,000,000 820,000,000 [36]
Electronic Arts BioWare
Pandemic Studios
2007 775,000,000 1,203,000,000 [37]
Electronic Arts PopCap Games 2011 750,000,000 1,073,000,000 [38]
Square Enix 2003 727,000,000 1,272,000,000 Merger [39]
Zynga Small Giant Games 2018 700,000,000 897,000,000 Acquisition [40]
Electronic Arts Jamdat Mobile 2005 680,000,000 1,121,000,000 [41]
Embracer Group Easybrain 2021 640,000,000 640,000,000 [42]
The Walt Disney Company Playdom 2010 563,000,000 831,000,000 [43]
Macarthur Fortune Holding Jagex 2020 530,000,000 530,000,000 [44]
Zynga NaturalMotion 2014 527,000,000 717,000,000 [45]
Embracer Group Saber Interactive 2020 525,000,000 525,000,000 [46]
Zynga StarLark 2021 525,000,000 525,000,000 [47]
Nexon Gloops 2012 486,000,000 682,000,000 [48]
Take-Two Interactive Gearbox Software 2024 460,000,000 460,000,000 [49]
Embracer Group Aspyr 2021 450,000,000 450,000,000 [50]
Pearl Abyss CCP Games 2018 425,000,000 545,000,000 [51][52]
Square Enix Taito 2005 409,100,000 674,000,000 Merger
DeNA ngmoco 2010 400,000,000 591,000,000 Acquisition [53]
Electronic Arts Playfish 2009 400,000,000 600,000,000 [54]
Tencent Riot Games 2011 400,000,000 572,000,000 [55]
Sony Computer Entertainment Gaikai 2012 380,000,000 533,000,000 [56]
Take-Two Interactive Nordeus 2021 378,000,000 378,000,000 [57]
Microsoft Rare 2002 375,000,000 671,000,000 [58]
The Walt Disney Company New Horizon Interactive 2007 350,930,000 545,000,000 [59]
Electronic Arts Respawn Entertainment 2017 315,000,000 414,000,000 [60]
Embracer Group Square Enix Europe 2022 300,000,000 300,000,000 [61]
Enad Global 7 Daybreak Game Company 2020 300,000,000 300,000,000 [62]
Take-Two Interactive Social Point 2017 250,000,000 328,000,000 [63]
Zynga Gram Games 2018 250,000,000 321,000,000 [64]
Beacon Interactive Saber Interactive 2024 247,000,000 [a] 247,000,000 [65]
Sony Interactive Entertainment Insomniac Games 2019 229,000,000 288,000,000

[66]

Warner Bros. Interactive Entertainment TT Games 2007 210,000,000 326,000,000 [67]
GREE, Inc. Funzio 2012 210,000,000 294,000,000 [68]
Zynga OMGPop 2012 210,000,000 294,000,000 [69]
Lycos Gamesville 1999 207,000,000 400,000,000 [70]
Koei Tecmo 2009 207,000,000 299,000,000 Merger [71]
NCSoft JustPlay (70%) 2026 205,000,000 205,000,000 Shares acquisition [72]
Take-Two Interactive Playdots 2020 193,000,000 193,000,000 Acquisition [73]
Zynga Rollic 2020 180,000,000 180,000,000 [74]
Viacom Harmonix 2006 175,000,000 279,000,000 [75]
Jam City Ludia 2021 165,000,000 165,000,000 [76]
Warner Bros. Interactive Entertainment Turbine Entertainment Software 2010 160,000,000 236,000,000 [77]
Mattel Mattel163 2026 159,000,000 159,000,000 Shares acquisition [78]
THQ Nordic AB Koch Media 2018 149,600,000 192,000,000 Acquisition [79]
Tencent Funcom 2020 148,000,000 148,000,000 [80]
Embracer Group Flying Wild Hog 2020 137,000,000 137,000,000 [81]
Infogrames GT Interactive 1999 135,000,000 261,000,000 [82]
Leaf Mobile East Side Games 2021 135,000,000 135,000,000 [83]
Electronic Arts Maxis 1997 125,000,000 251,000,000 [84]
Embracer Group Perfect World Entertainment 2021 125,000,000 125,000,000 [85]
Electronic Arts Westwood Studios 1998 122,500,000 242,000,000 [86]
Square Enix Eidos Interactive 2009 120,000,000 180,000,000 [87]
Turtle Beach Performance Designed Products 2024 118,000,000 118,000,000 [88]
Microsoft Ninja Theory 2018 117,000,000 141,600,000 [89]
Aonic NDreams 2023 110,000,000 110,000,000 [90]
Embracer Group A Thinking Ape 2020 105,000,000 105,000,000 [91]
NCSoft Indygo Group (67%) 2025 103,800,000 103,800,000 Shares acquisition [92]
Nordisk Film Avalanche Studios 2018 103,000,000 132,000,000 Acquisition [93]
Infogrames Hasbro Interactive 2000 100,000,000 187,000,000 [94]
Sumo Group Pipeworks Studios 2020 100,000,000 100,000,000 [95]
Microsoft Ensemble Studios 2001 100,000,000 182,000,000 [96]

M&A with deal value of at least US$1 million

Acquirer(s) Target Year Deal value (US$) Type Reference
Krafton Eleventh Hour Games 2025 96,000,000 Acquisition [97]
Keywords Studios The Multiplayer Group 2023 95,240,000 [98]
Leyou Digital Extremes 2014 73,200,000 [99]
Hasbro Interactive MicroProse 1998 70,000,000 [100]
37Games
Orient Securities
Leyou
SNK Playmore 2015 63,500,000 [101]
Nacon Daedalic Entertainment 2022 60,200,000 [102]
Eidos Interactive IO Interactive 2004 51,120,000 [103]
Perfect World Cryptic Studios 2011 50,000,000 [104]
Keywords Studios High Voltage Software 2020 50,000,000 [105]
THQ Nordic AB Warhorse Studios 2019 48,510,000 [106]
Electronic Arts Criterion Software 2004 48,000,000 [107]
Focus Home Interactive Dotemu 2021 46,000,000 [108]
Embracer Group 4A Games 2020 45,000,000 [109]
Nacon Big Ant Studios 2021 42,500,000 [110]
Devolver Digital Good Shepherd Entertainment 2021 41,255,000 [111]
Devolver Digital System Era Softworks 2023 40,000,000 [112]
Take-Two Interactive Angel Studios 2002 38,000,000[b] [113]
Electronic Arts Origin Systems 1992 35,000,000 [114]
THQ Nordic AB Coffee Stain Studios 2018 34,900,000 [115]
Warner Bros. Interactive Entertainment Midway Games 2009 33,000,000 [116][117]
Keywords Studios Forgotten Empires 2022 32,500,000 [118]
Take-Two Interactive Visual Concepts
Kush Games
2005 32,200,000 [119]
tinyBuild Versus Evil 2021 31,300,000 [120]
Codemasters Slightly Mad Studios 2019 30,000,000 [121]
Project Golden Arc Arc Games, Cryptic Studios 2025 30,000,000 [122]
Nazara Technologies Curve Games 2025 28,900,000 [123]
Devolver Digital Firefly Studios 2021 27,476,000 [111]
Devolver Digital Croteam 2020 26,935,000 [111]
Sega Relic Entertainment 2013 26,600,000 [124]
Ubisoft Reflections Interactive 2006 24,000,000 [125]
Koch Media Volition 2013 23,000,000 [124]
Kadokawa Corporation From Software 2014 22,500,000 [126]
Activision Treyarch 2001 20,000,000 [127]
Devolver Digital Nerial 2021 17,353,000 [111]
tinyBuild Bad Pixel 2021 17,100,000 [128]
GT Interactive Reflections Interactive 1999 14,700,000 [129]
Griffin Gaming Partners Playdigious 2025 12,200,000 [130]
Take-Two Interactive DMA Design 2000 11,000,000 [131]
Embracer Group Tarsier Studios 2019 10,500,000 [132]
tinyBuild Animal 2021 10,100,000 [133]
Opera YoYo Games 2021 10,000,000 [134]
Atari SA Nightdive Studios 2023 10,000,000 [135]
Starbreeze Studios Dhruva Interactive 2016 8,500,000 [136]
Focus Home Interactive Deck13 2020 7,900,000 [137]
Take-Two Interactive Dhruva Interactive 2019 7,900,000 [138]
Paradox Interactive Harebrained Schemes 2018 7,500,000 [139]
Atari SA Thunderful Group 2025 5,200,000 [140]
Take-Two Interactive Barking Dog Studios 2002 3,000,000 [141]

M&A which failed to complete

Acquirer(s) Target Year Deal value (US$) Notes Reference
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. [142][143][144]
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. [145][146][147]
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. [148]
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. [149][150][151][152]
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. [153][154]
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. [155][156][157][158]
Square Enix Tecmo 2008 200,000,000 Tecmo rejected Square Enix's buyout offer, opting instead for a merger of equals with Koei. [159][160]
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. [161][162]
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. [163][164]

Notes

  1. ^ Beacon Interactive has the option to later acquire 4A Games and Zen Studios from Embracer Group, which will raise the total acquisition price to $500 Million if exercised
  2. ^ Take-Two Interactive bought Angel Studios for US$28 million in cash and 235,679 shares of restricted stock, totaling a value of approximately US$38 million.[113]

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