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Take-Two Interactive Software Inc. announced it is acquiring Gearbox Entertainment, which the Embracer Group is slashing from its portfolio. The New York-based video game holding firm said the deal is valued at $460 million.
Arrangement After the Merger
Take-Two Interactive expects the transactions to close within the first quarter of the company's fiscal year 2025. As per Gematsu, Gearbox Entertainment will operate as a studio under the company's 2K video game label once the acquisition is completed.
The "Borderlands" game publisher's founder and CEO, Randy Pitchford, will lead this group. His management team will also come with him after the merger. In any case, Take-Two will get full ownership of Gearbox Entertainment's portfolio of IPs, including the "Borderlands" and "Homeworld," Brothers in Arms," "Risk of Rain," "Duke Nukem" and "Tiny Tina's Wonderlands" franchises.
Forging Deeper Relationships in the Gaming Business
Take-Two Interactive said it is looking forward to a deeper business relationship with Gearbox Entertainment since they have already had several successful deals and partnerships. It also hopes this acquisition will help boost the company's financials once its organizations are fully integrated.
"Our acquisition of Gearbox is an exciting moment for Take-Two and will strengthen our industry-leading creative talent and portfolio of owned intellectual property, including the iconic Borderlands franchise," Take-Two Interactive's chairman and chief executive officer, Strauss Zelnick, said in a press release. "This combination enhances the financial profile of our existing projects with Gearbox and unlocks the opportunity for us to drive increased long-term growth by leveraging the full resources of Take-Two across all of Gearbox's exciting initiatives."
Gearbox Entertainment's founder and CEO, Randy Pitchford, commented, "Joining forces with Take-Two Interactive and 2K will help Gearbox ascend to our next level. Take-Two and 2K have demonstrated repeatedly their commitment to our engine of generating creativity, happiness, and profit. I am incredibly excited about what we can accomplish now that we're fully aligned as one."
