# 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 | Target | Year | Deal value (US$) | Inflation adjusted (US$) |
| Microsoft | Activision Blizzard | 2023 | 75,400,000,000 | 77,813,000,000 |
| Activision | Vivendi Games | 2008 | 18,900,000,000 | 27,602,000,000 |
| Take-Two Interactive | Zynga | 2022 | 12,700,000,000 | 13,646,000,000 |
| Tencent | Supercell (81.4%) | 2016 | 8,600,000,000 | 11,268,000,000 |
| Microsoft | ZeniMax Media | 2021 | 8,100,000,000 | 9,399,000,000 |
| Activision Blizzard | King | 2016 | 5,900,000,000 | 7,827,000,000 |
| Savvy Games Group | Scopely | 2023 | 4,900,000,000 | 5,057,000,000 |
| ByteDance | Moonton | 2021 | 4,000,000,000 | 4,642,000,000 |
| Sony Interactive Entertainment | Bungie | 2022 | 3,700,000,000 | 3,976,000,000 |
| Scopely | Niantic Games | 2025 | 3,500,000,000 | 3,500,000,000 |
| EQT | Keywords Studios | 2024 | 2,390,000,000 | 2,568,000,000 |
| Microsoft | Mojang | 2014 | 2,500,000,000 | 3,321,000,000 |
| Electronic Arts | Glu Mobile | 2021 | 2,400,000,000 | 2,785,000,000 |
| Facebook | Oculus VR | 2014 | 2,000,000,000 | 2,656,000,000 |
| Zynga | Peak | 2020 | 1,800,000,000 | 2,187,000,000 |
| Bandai | Namco | 2005 | 1,700,000,000 | 2,737,000,000 |
| Tencent | Leyou | 2020 | 1,500,000,000 | 1,822,000,000 |
| Savvy Games Group | ESL, FACEIT | 2022 | 1,500,000,000 | 1,612,000,000 |
| Electronic Arts | Playdemic | 2021 | 1,400,000,000 | 1,625,000,000 |
| Embracer Group | Gearbox Software | 2021 | 1,300,000,000 | 1,508,000,000 |
| Tencent | Sumo Group | 2021 | 1,270,000,000 | 1,474,000,000 |
| Electronic Arts | Codemasters | 2020 | 1,200,000,000 | 1,458,000,000 |
| Tencent | Easybrain | 2024 | 1,200,000,000 | 1,200,000,000 |
| Scopely | GSN Games | 2021 | 1,000,000,000 | 1,160,000,000 |

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

| Acquirer | Target | Year | Deal value (US$) | Inflation adjusted (US$) |
| Zhongji Holding | DianDian Interactive | 2014 | 960,000,000 | 1,275,000,000 |
| Churchill Downs Incorporated | Big Fish Games | 2014 | 885,000,000 | 1,175,000,000 |
| Sega | Rovio Entertainment | 2023 | 776,000,000 | 801,000,000 |
| Electronic Arts | BioWare Pandemic Studios | 2007 | 775,000,000 | 1,175,000,000 |
| Electronic Arts | PopCap Games | 2011 | 750,000,000 | 1,048,000,000 |
| Square | Enix | 2003 | 727,000,000 | 1,243,000,000 |
| Zynga | Small Giant Games | 2018 | 700,000,000 | 877,000,000 |
| Electronic Arts | Jamdat Mobile | 2005 | 680,000,000 | 1,095,000,000 |
| Embracer Group | Easybrain | 2021 | 640,000,000 | 640,000,000 |
| The Walt Disney Company | Playdom | 2010 | 563,000,000 | 812,000,000 |
| Macarthur Fortune Holding | Jagex | 2020 | 530,000,000 | 530,000,000 |
| Zynga | NaturalMotion | 2014 | 527,000,000 | 700,000,000 |
| Embracer Group | Saber Interactive | 2020 | 525,000,000 | 525,000,000 |
| Zynga | StarLark | 2021 | 525,000,000 | 525,000,000 |
| Nexon | Gloops | 2012 | 486,000,000 | 666,000,000 |
| Take-Two Interactive | Gearbox Software | 2024 | 460,000,000 | 460,000,000 |
| Embracer Group | Aspyr | 2021 | 450,000,000 | 450,000,000 |
| Pearl Abyss | CCP Games | 2018 | 425,000,000 | 532,000,000 |
| Square Enix | Taito | 2005 | 409,100,000 | 659,000,000 |
| DeNA | ngmoco | 2010 | 400,000,000 | 577,000,000 |
| Electronic Arts | Playfish | 2009 | 400,000,000 | 586,000,000 |
| Tencent | Riot Games | 2011 | 400,000,000 | 559,000,000 |
| Sony Computer Entertainment | Gaikai | 2012 | 380,000,000 | 520,000,000 |
| Take-Two Interactive | Nordeus | 2021 | 378,000,000 | 378,000,000 |
| Microsoft | Rare | 2002 | 375,000,000 | 656,000,000 |
| The Walt Disney Company | New Horizon Interactive | 2007 | 350,930,000 | 532,000,000 |
| Electronic Arts | Respawn Entertainment | 2017 | 315,000,000 | 404,000,000 |
| Embracer Group | Square Enix Europe | 2022 | 300,000,000 | 300,000,000 |
| Enad Global 7 | Daybreak Game Company | 2020 | 300,000,000 | 300,000,000 |
| Take-Two Interactive | Social Point | 2017 | 250,000,000 | 321,000,000 |
| Zynga | Gram Games | 2018 | 250,000,000 | 313,000,000 |
| Beacon Interactive | Saber Interactive | 2024 | 247,000,000 | 247,000,000 |
| Sony Interactive Entertainment | Insomniac Games | 2019 | 229,000,000 | 282,000,000 |
| Warner Bros. Interactive Entertainment | TT Games | 2007 | 210,000,000 | 318,000,000 |
| GREE, Inc. | Funzio | 2012 | 210,000,000 | 288,000,000 |
| Zynga | OMGPop | 2012 | 210,000,000 | 288,000,000 |
| Lycos | Gamesville | 1999 | 207,000,000 | 391,000,000 |
| Koei | Tecmo | 2009 | 207,000,000 | 299,000,000 |
| Take-Two Interactive | Playdots | 2020 | 193,000,000 | 193,000,000 |
| Zynga | Rollic | 2020 | 180,000,000 | 180,000,000 |
| Viacom | Harmonix | 2006 | 175,000,000 | 273,000,000 |
| Jam City | Ludia | 2021 | 165,000,000 | 165,000,000 |
| Warner Bros. Interactive Entertainment | Turbine Entertainment Software | 2010 | 160,000,000 | 231,000,000 |
| THQ Nordic AB | Koch Media | 2018 | 149,600,000 | 187,000,000 |
| Tencent | Funcom | 2020 | 148,000,000 | 148,000,000 |
| Embracer Group | Flying Wild Hog | 2020 | 137,000,000 | 137,000,000 |
| Infogrames | GT Interactive | 1999 | 135,000,000 | 255,000,000 |
| Leaf Mobile | East Side Games | 2021 | 135,000,000 | 135,000,000 |
| Electronic Arts | Maxis | 1997 | 125,000,000 | 245,000,000 |
| Embracer Group | Perfect World Entertainment | 2021 | 125,000,000 | 125,000,000 |
| Electronic Arts | Westwood Studios | 1998 | 122,500,000 | 236,000,000 |
| Square Enix | Eidos Interactive | 2009 | 120,000,000 | 176,000,000 |
| Turtle Beach | Performance Designed Products | 2024 | 118,000,000 | 118,000,000 |
| Microsoft | Ninja Theory | 2018 | 117,000,000 | 141,600,000 |
| Aonic | NDreams | 2023 | 110,000,000 | 110,000,000 |
| Embracer Group | A Thinking Ape | 2020 | 105,000,000 | 105,000,000 |
| Nordisk Film | Avalanche Studios | 2018 | 103,000,000 | 129,000,000 |
| Infogrames | Hasbro Interactive | 2000 | 100,000,000 | 183,000,000 |
| Sumo Group | Pipeworks Studios | 2020 | 100,000,000 | 100,000,000 |
| Microsoft | Ensemble Studios | 2001 | 100,000,000 | 178,000,000 |

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

| Acquirer | Target | Year | Deal value (US$) |
| Keywords Studios | The Multiplayer Group | 2023 | 95,240,000 |
| Leyou | Digital Extremes | 2014 | 73,200,000 |
| Hasbro Interactive | MicroProse | 1998 | 70,000,000 |
| 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 |
| 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 |
| 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 |
| 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 |
| Take-Two Interactive | Barking Dog Studios | 2002 | 3,000,000 |

## M&A which failed to complete

| Acquirer | Target | Year | Deal value (US$) | Notes |
| 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. |
| 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. |
| 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. |