Glu Mobile Soars After $2.1 Billion Bid From Electronic Arts By Investing.com

By Liz Moyer

Investing.com — Glu Mobile Inc (NASDAQ:GLUU) jumped 33% after Electronic Arts Inc (NASDAQ:EA) said it would buy it for $2.1 billion.

Glu shareholders will get $12.50 in cash for each share, a 36% premium to Glu’s closing price on Friday. Glu developed games such as Design Home and MLB Tap Sports Baseball.

Electronic Arts said the deal would significantly add to is mobile games businesses, “with a collective portfolio of powerful IP in sports, lifestyle, RPG, casual and other genres.” It will also build on EA’s network of 430 million players, including more than 100 million monthly active mobile players.

“Our acquisition of Glu combines amazing teams and deeply-engaging products to create a mobile games leader with proven expertise across many fast-growing genres,” said Andrew Wilson, CEO of Electronic Arts, in a statement. “Mobile continues to grow as the biggest gaming platform in the world, and with the addition of Glu’s games and talent, we’re doubling the size of our mobile business.”

Glu, scheduled to report earnings after the close on Tuesday, was trading at a 52-week high in the morning session.