Take-Two Acquires Gearbox Interactive
Take-Two has made a significant acquisition, purchasing Gearbox Interactive from Embracer Group for $460 million. Speculation about Embracer’s intentions to sell Gearbox has been circulating for some time, with reports dating back to September 2023. Now, the deal has been finalized, with some specific details regarding the transfer of assets.
Among the franchises moving to Take-Two are popular titles like Borderlands, Tiny Tina’s Wonderlands, Homeworld, and Duke Nukem. In addition to these franchises, Gearbox Montreal and Gearbox Studio Quebec, along with Gearbox Software, will also become part of Take-Two’s 2K division. Randy Pitchford, the founder and CEO of Gearbox, will continue to lead the development of the Borderlands series under Take-Two’s ownership.
In a statement posted on Gearbox’s official Twitter account, Pitchford expressed his enthusiasm about the acquisition, mentioning that teaming up with Take-Two Interactive/2K will propel Gearbox to new heights.
“Take-Two and 2K have shown a consistent commitment to fostering creativity, happiness, and profitability,” Pitchford stated.
One of the key reasons behind this move is the successful partnership between 2K and Gearbox, evidenced by the release of titles like Borderlands 3 and Tiny Tina’s Wonderland. Pitchford’s full statement can be found in the embedded tweet below:
At the helm of Take-Two, CEO Strauss Zelnick described the acquisition as a momentous occasion for the company, emphasizing how it will enhance their already impressive creative talent and portfolio of intellectual property.
Embracer Group’s CEO, Lars Wingefors, shared his perspective on the transaction, highlighting how it reduces business risk and enhances profitability as the company shifts towards a more streamlined and focused approach.
Embracer initially acquired Gearbox for $363 million in 2021. However, recent months have seen Embracer Group divesting several assets as part of a restructuring initiative. This strategy has led to layoffs at various studios and the sale of assets from companies like Lost Boys Interactive, Slipgate Ironworks, and New World Interactive. Embracer also recently sold off assets from Saber Interactive.