Embracer sell off more assets with Gearbox being acquired by Take-Two for $460m
Take-Two is acquiring Gearbox Interactive from Embracer Group for a cool $460m.
It has long been suspected that Embracer was looking to sell Gearbox, with Reuters reporting on it back in September 2023. Now, however, the deal is done – with a few caveats and specifics when it comes to particular assets.
Franchises moving to Take-Two include Borderlands, Tiny Tina’s Wonderlands, Homeworld, and Duke Nukem. As well as franchises and series, the studio assets moving to Take-Two are Gearbox Montreal and Gearbox Studio Quebec as well as Gearbox Software. These assets will be absorbed into Take-Two’s 2K division, and Randy Pitchford, founder and CEO of Gearbox, will continue to lead the Borderlands developer.
Putting a statement out on Gearbox’s X (formerly known as Twitter) account, Pitchford said that “Joining forces with Take-Two Interactive/2K will help Gearbox ascend to our next level.
“Take-Two and 2K have demonstrated repeatedly their commitment to our engine of generating creativity, happiness and profit”.
This ‘repeated demonstration’ is closely related to the fact that 2K have published entries into the Borderlands series including Borderlands 3 and 2022’s Tiny Tina’s Wonderland. You can see Pitchford’s full statement below in the embedded tweet.
We’re incredibly proud to announce we’re joining the Take-Two Interactive/@2K family. pic.twitter.com/ot1gJK4TUpMarch 28, 2024
At the other end of the acquisition, Take-Two CEO Strauss Zelnick said “Our acquisition of Gearbox is an exciting moment for Take-Two and will strengthen our industry-leading creative talent and portfolio of owned intellectual property”.
From Embracer’s point of view, CEO Lars Wingefors said the transaction “lowers business risk and improves profitability as we transition to becoming a leaner and more focused company.”
Embracer initially acquired Gearbox for $363m back in 2021. However, in recent months Embracer Group has embarked on a selling spree of its assets as part of a “restructuring program”. What’s followed has been multiple layoffs at studios like Lost Boys Interactive, Slipgate Ironworks, and New World Interactive, while Embracer also sold off Saber Interactive assets en masse earlier this month.