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Elevation to sell computer game design firms to EA12/10/2007. Source: AltAssets. 
 Media and entertainment-focused private equity firm Elevation Partners has agreed to sell VG Holding Corp., owner of computer game design firms BioWare Corp. and Pandemic Studios, to games maker Electronic Arts. EA will pay up to $620m in cash to the stockholders of VG Holding Corp. and will issue up to an additional $155m in equity to certain employees of VG Holding Corp., which will be subject to time-based or performance-based vesting criteria, according to a statement.
EA will also assume outstanding VG Holding Corp. stock options, and EA has agreed to lend VG Holding Corp. up to $35m through the closing of the acquisition.
BioWare Corp. and Pandemic Studios have ten franchises under development, including six wholly owned games. The two businesses employ a total of 800 people.
Based in New York and Menlo Park, California, Elevation has nearly $1.9bn in committed capital to be invested over the next six years. The firm's partners include U2 lead singer Bono and ex-Apple CFO Fred Anderson.
Copyright © 2007 AltAssets
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