Embracer Sells Gearbox to Take-Two Interactive for $460M
The next sale is complete: Take-Two Interactive is acquiring Gearbox and selected studios and IPs, but not the Gearbox publishing business, from Embracer for a total of around $460 million. Among other things, Take-Two secures the rights to "Borderlands" and assigns the new parts of the group to the 2K label.
At the beginning of March, US blog Kotaku reported that an agreement on the sale of Gearbox was close (in German). The deal has now been completed. As announced by the companies involved, Embracer is selling Gearbox along with selected studio subsidiaries and IPs to Take-Two Interactive. The transaction is valued at $460 million and will be paid for in newly issued shares of Take-Two Interactive stock. Embracer intends to sell these shares quickly upon receipt in order to reduce its debt and increase liquidity. After deducting all costs associated with the sale, Embracer expects a net cash inflow of $300 to $350 million.