Take-Two Interactive has officially completed its acquisition of Gearbox Entertainment from Embracer Group, just over two months after the initial announcement of the deal. Embracer Group confirmed the completion of the transaction in a press release, stating, “On 28 March 2024, Embracer Group AB (“Embracer”) entered into an agreement to divest Gearbox Entertainment to Take-Two Interactive Software, Inc. All conditions for the transaction have now been fulfilled, and the transaction has been closed today.”

Key Points of the Deal:

• Stock Issuance: Embracer issued 8.32 million B shares at $9.56 (SEK 98.78) to settle certain earnout obligations. Additionally, 2.08 million B shares were issued at $7.66 (SEK 79.30) per share to cover earnout obligations to Lost Boys Interactive.
• Financial Terms: Embracer received $460 million in newly issued shares of Take-Two Interactive as part of the transaction.

Acquisition Includes:

• Gearbox Software
• Gearbox Montreal
• Gearbox Studio Quebec
• Franchises such as Duke Nukem, Borderlands, and Tiny Tina’s Wonderlands

Embracer retains Gearbox Publishing San Francisco, which has been rebranded as Arc Games.

Impact on Gearbox: Following the initial announcement in March, Gearbox was impacted by layoffs, resulting in numerous job losses. This move is part of the broader restructuring within the company.

This acquisition signifies a major shift in the gaming industry, bringing popular franchises and talented development teams under Take-Two Interactive’s umbrella, further expanding its portfolio and influence in the gaming market.

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