Electronic Arts (NSDQ: ERTS) is buying out the Korean division of Hands-On Mobile, the mobile gaming company formerly known as Mforma. The Korean division is best known for its mobile role-playing game, Heroes Lore. Upon completion of the deal, the Korea team will become EA Mobile Korea, and Gilbert Kim, CEO of Hands-On Mobile Korea, will become head of EA Mobile Korea.  Financial terms of the acquisition were not disclosed. EA does not expect the acquisition to impact the company’s fiscal year 2009 financial guidance.

Hands-On bought MobileGame Korea in 2004, and that became Hands-On Korea after the parent company rebranded. This continues the restructuring of Hands-On, which brought in a new CEO in October last year. More details in release.

• Hands-On Mobile Restructures, New CEO and Exec Team