Embracer Selling Gearbox to Take-Two

The Embracer Group fire sale continues, as the overextended publisher announces the sale of Gearbox Entertainment to Take-Two Interactive in a deal valued at USD 460 million in stock. "My primary interest is always Gearbox, especially our talent and our customers," says Randy Pitchford, founder and CEO of Gearbox Entertainment. "I want to personally assure fans of our games that this arrangement will ensure that the experiences we have in development at Gearbox will be the best they can possibly be." The deal includes Gearbox Software, Gearbox Montréal, Gearbox Studio Quebec, and the IP for Borderlands, Tiny Tina's Wonderlands, Homeworld, Risk of Rain, Brothers in Arms, and Duke Nukem. Word is Embracer will retain select assets after the deal consummates in Q1 FY 2024/25:
Embracer Group has today entered into an agreement to divest Gearbox Entertainment, for a consideration of USD 460 million (SEK 4.9 billion) to Take-Two Interactive Software, Inc. (“Take-Two”). The proceeds from the deal will, upon closing, significantly reduce net debt, earnout obligations and capex. Embracer retains selected companies, including Gearbox Publishing San Francisco (to be renamed), with the publishing rights to the Remnant franchise, the upcoming Hyper Light Breaker and other notable unannounced game releases.