US publishing giant Electronic Arts says it boasts a "new global powerhouse" for racing games as it closes its purchase of Codemasters.

In a press release, the firm said that it has a wealth of racing talent under one roof, with the UK company's Dirty, Formula 1 and Project CARS IPs sitting alongside its own Need for Speed franchise.

“This is the beginning of an exciting new era for racing games and content as we bring together the talented teams at Electronic Arts and Codemasters,” EA boss Andrew Wilson (pictured) said.

“Racing fandom continues to grow worldwide, and the franchises in our combined portfolio will enable us to create innovative new experiences and bring more players into the excitement of cars and motorsport. Our teams will be a global powerhouse in racing entertainment, with amazing games for players on every platform, and we can’t wait to get started.”

Codemasters boss Frank Sagnier added: “Today is a landmark in Codemasters’ history, and an exciting day for our employees and players. The partnership with EA will enable our teams to take our highly-acclaimed franchises to new heights and reach a huge global audience through their player network. Together we can redefine the landscape of racing games to create even more compelling experiences for racing fans around the world.”

In November of last year, Codemasters agreed to sell to Rockstar giant Take-Two in a deal worth close-to $1 billion. This was scuppered when EA outbid the firm, valuing the UK company at $1.2 billion.

Take-Two said that it didn't get into a bidding war over Codemasters due to its "disciplined" approach.