Electronic Arts just announced that they have "acquired" both BioWare and Pandemic Studios. EA cut a deal with Elevation Partners to buy up VG Holding Corp, which owns both companies.

"These are two of the most respected studios in the industry and I’m glad to be working with them again. They’ll make a strong contribution to our strategic growth initiatives on quality, online gaming and developing new intellectual properties," said John Riccitiello, EA’s Chief Executive Officer. "We also expect this will drive long-term value for our shareholders."

"Pandemic Studios remains focused on attracting the best talent and creating blockbuster action games," said Josh Resnick, President and Co-founder of Pandemic Studios. "As a worldwide publishing leader, EA represents the ideal partner to bring our titles to market as global entertainment events."

"We are truly excited by John Riccitiello’s new vision for EA," said Ray Muzyka, Co-founder and CEO of BioWare Corp. "This vision is consistent with BioWare’s focus on crafting the highest quality story-driven games in the world. It will enable us to further the careers of the passionate, creative and hard working teams at BioWare Edmonton and BioWare Austin." 

EA paid up to $620 million in cash to the stockholders of VG Holding to get their hands on the companies, They also gave $155 million in equity to "certain employees of VG Holding" and is lending the company up to $35 million.