Take-Two Acquires Gearbox for $460M, Secures Borderlands Future
March 28, 2024
Take-Two Interactive Software acquires Gearbox Entertainment from Embracer Group for $460 million via an all-stock deal on March 28, 2024.
The acquisition includes Gearbox Software, its franchises, and six titles currently in development like Borderlands and Homeworld sequels.
Post-acquisition, Gearbox will remain an operating studio under Take-Two with Randy Pitchford as CEO.
Embracer Group retains other Gearbox branches following a cost-cutting restructuring due to a previous failed $2 billion deal.
The deal, which excludes certain non-core assets, is set to close in the September quarter of 2024.
Three studios under Gearbox will join Take-Two, with projects such as Borderlands 4 and an upcoming Borderlands film set for release on August 9, 2024.
The industry anticipates that the acquisition will not result in significant job losses, counteracting a trend of layoffs in recent years.
Finalization of the deal is expected in the first quarter of fiscal year 2024/25.
Summary based on 28 sources
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Sources
Forbes • Mar 28, 2024
Take-Two Buys Gearbox And Its New ‘Borderlands’ Game From Embracer
The Verge • Mar 28, 2024
Embracer is selling Borderlands developer Gearbox to Take-Two
Ars Technica • Mar 28, 2024
Embracer Group lets go of Borderlands maker for $460M after three years
VentureBeat • Mar 28, 2024
Take-Two to acquire Gearbox from Embracer