For every one that breaks free, two more get sucked in. As Microsoft’s cleaning crews entered the empty offices once held by the employees of Bungie Studios, another industry giant, Electronic Arts, was finalizing a deal to purchase VG Holding Corp, owners of both Bioware Corp (Mass Effect) and Pandemic Studios (Mercenaries 2: World in Flames & Saboteur).

“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.”

Price tag for all this? In the ballpark of $785 million — $620 million in cash to the companies stockholders, and an additional $155 million in equity to “certain employees” of the VG Holding Corp. We are going to go out on a limb and say that the janitor and kitchen crew won’t be seeing any of that dough. Have at the press release after the jump. Read more…

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