Gearbox Entertainment has a new owner! Embracer Group is selling the Borderlands studio to Take-Two Interactive for $460 million. The amount will be paid in full in newly issued shares, according to the owner of Grand Theft Auto.
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“Today’s announcement marks the outcome of the final structured divestment process and is an important step in Embracer’s transformation for the future, with significantly lower net debt and improved free cash flow,” said Lars Wingefors, co-founder and CEO from Embracer.
As part of the sale, Take-Two will control Gearbox Software, Gearbox Montreal and Gearbox Studio Quebec. As for properties, the company will have the rights to the Borderlands and Tiny Tina’s Wonderlands franchises, as well as Risk of Rain, Brothers in Arms, Duke Nukem and Homeworld.
Embracer, in turn, will continue with Gearbox Publishing San Francisco, which will be renamed. In addition to this portion of the company, Embracer will also maintain Cryptic Studios, from Neverwinter Online, Star Trek Online, Lost Boys Interactive and Captured Dimensions.
The transaction will close in the first quarter of fiscal 2024.
Take-Two chief sees acquisition as strengthening his company
Strauss Zelnick was very happy to be able to count on Gearbox in his domains. Take-Two’s executive director understands that the purchase will increase his company’s creative strength, and will also help improve the portfolio of new future projects. What did you think of this move?
