EA purchases Playfish for $300 million

EA has bought social games firm Playfish for $300 million.

It was bought with $275 million in cash, and $25 million in a equity retention arrangement. They will operate under the EA Interactive division.

"Social gaming, with its emphasis on friends and community, is seeing tremendous growth and this is the right time to invest to strengthen our participation in this space," SVP and GM of EA Interactive Barry Cottle said.

"The industry is undergoing dramatic transformation and joining EA is the ideal opportunity for us to push forward our goals to lead in the social entertainment evolution on a faster and much larger scale," said Playfish CEO and co-founder Kristian Segerstrale.

Find more over at Develop.