Take Two has announced they they will buy The Gearbox Entertainment Company from Embracer Group in a $460 million.
Gearbox is Part of Take Two Now
Gearbox is currently working on the new Borderlands and Homeworld games, and Gearbox Publishing San Francisco will be renamed Gearbox Publishing San Francisco and remain under the ownership of Embracer. Embracer CEO Lars Wingefors said the sale is an important step for the company and will prepare Embracer for the future with less net debt and better free cash flow. The deal opens up new opportunities for Gearbox to achieve new success within Take-Two and 2K.
After the sale closes, The Gearbox Entertainment Company will retain Gearbox Software, Gearbox Montreal, Gearbox Studio Quebec, and the Borderlands and Tiny Tina’s Wonderlands franchises, as well as Homeworld, Risk of Rain, Brothers in Arms, and Duke Nukem.
Embracer Group will retain Gearbox Publishing San Francisco, which will be renamed, including the publishing rights to the Remnant franchise, Hyper Light Breaker, and other “notable unannounced game releases”; Cryptic Studios, including Neverwinter Online and Star Trek Online; Lost Boys Interactive; and Captured Dimensions. Retained companies will be integrated into other parts of Embracer Group in the coming period.
Gearbox CEO Randy Pitchford said that the partnership with Take-Two and 2K is an engine that generates creativity, profit and happiness, and the merger will raise the bar for interactive entertainment even higher. The deal is expected to close in the first quarter of fiscal 2024-2025, and Take-Two Chairman and CEO Strauss Zelnick said the acquisition will strengthen Take-Two’s creative capabilities and intellectual property portfolio, including the iconic Borderlands series.
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