Embracer Group Embraces Gearbox

Gearbox Software announces they are now a cog in the Embracer Group. The headline calls the $1.3 billion deal a merger, though it sounds like a purchase: "The transaction, which is worth up to $1.3B, also provides Gearbox with access to capital, adding rocket fuel to Gearbox's powerful creative engine, and positions Gearbox's robust IP catalogue, AAA development studios, and North American publishing capabilities to become a significant part of the Embracer Group's diverse and robust family of member companies." 2K Games tells GamesIndustry.biz that they are continuing on as the publisher of the Borderlands series. Here's what Gearbox says the future holds:
The Gearbox team has developed and engaged a plan for immediate and long-term growth that includes the expansion of talent at both studios, the creation of new Gearbox studios, and expanded partnerships. This merger enables Gearbox to do more with its existing brands, create new brands, and, potentially, undertake the merger and acquisition of other successful industry and industry-adjacent entities and properties.

“Gearbox is arguably one of the most creative and valuable independent developers in the world,” commented Lars Wingefors, founder and CEO of Embracer Group. “We believe that the resources offered by Embracer will position Gearbox for significant growth in the years to come.”

Gearbox confirmed that Randy Pitchford will continue in his current role as head of Gearbox Entertainment. Pitchford accented the prioritization of Gearbox’s talent and its partners in the course of this transaction and expressed his eagerness and excitement to maintain and increase the value of its relationships with the Gearbox team, Gearbox customers, and Gearbox allies.