Sunday, April 14, 2024

Take-Two Interactive Software acquires The Gearbox Entertainment Company

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Take-Two Interactive Software, Inc. has announced its definitive agreement to acquire The Gearbox Entertainment Company for $460 million. The Gearbox Entertainment Company is renowned for its offerings, including the iconic Borderlands franchise.

The acquisition will be completed entirely through newly issued shares of Take-Two common stock. The number of shares will be determined based on the average closing price per share on the Nasdaq Global Select Market during the five trading days ending on the day immediately prior to the closing date. The transaction, expected to close during the first quarter of Take-Two’s Fiscal Year 2025 (ending June 30, 2024), is subject to customary closing conditions and regulatory approvals.

Take-Two seems to be trying to strengthen its industry-leading creative talent and portfolio of owned intellectual property through this acquisition. Gearbox Entertainment brings to the table an extensive portfolio, including full ownership of the Borderlands and Tiny Tina’s Wonderlands franchises, Homeworld, Risk of Rain, Brothers in Arms, Duke Nukem, and future projects. Gearbox currently has six key interactive entertainment projects in various stages of development, including sequels from the Borderlands and Homeworld franchises and at least one new intellectual property.

Post-acquisition, Gearbox will operate as a studio within 2K, led by Randy Pitchford and his management team. The acquisition adds a robust development team to 2K’s talented developer community, with Gearbox operating studios in Frisco, Texas; Montreal, Canada; and Quebec City, Canada.

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