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June 14, 2007
UK's Codemasters To IPO After Balderton Buys Out Founders
Game-maker Codemasters plans on a 2008 IPO after Balderton (fka Benchmark Capital) bought out the founders. The Times reports that Codemasters is planning a for a £200 million-plus flotation. Founding brothers Richard and David Darling sold their remaining 25% interest to the existing investor Balderton Capital for what is understood to be tens of millions of pounds. The brothers may have taken £95M off the table and will now step down.
Balderton is not yet sure on which market it will float - perhaps Nasdaq. It did sell a stake to Goldman Sachs. Sales are expected to be about £75M with a target of £150M in 2007-2008. The company's big game is expected to become Lord of The Rings Online – a new multi-player game.
Read - Founders sell as Codemasters is driven towards a flotation (Times Online)
Posted on June 14, 2007 06:09 PM | Posted to Games (PC and other) | Permalink
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