Game publisher Take-Two Interactive announced the acquisition of the Gearbox Software studio from Embracer for $460 million. The parties expect to complete the deal in June of this year. Take-Two will pay the entire amount in its shares.
Gearbox developed the Borderlands series, which is published by Take-Two. In addition to Borderlands, Take-Two will have the rights to Homeworld, Risk of Rain, Brothers in Arms and Duke Nukem.
Take-Two notes that Gearbox is working on six new games, including a title in the Borderlands series and two games in the Homeworld universe. Gearbox will become part of 2K, and the studio will continue to be led by Randy Pitchford.
Embracer acquired Gearbox and its subsidiaries for $1.3 billion in 2021. The first payment under the deal was $363 million, the remaining funds were to be received within six years.
The sale of Gearbox was part of an ongoing restructuring at Embracer, which was announced in the summer of 2023. As of February 2024, the holding reduced more than 1.4 thousand employees or 8% of all personnel. Embracer has already sold or closed several internal studios. One of the latest was Saber Interactive, which sold for $247 million.
Embracer will retain rights to Gearbox Publishing San Francisco (formerly Perfect World Entertainment), Cryptic Studios, Lost Boys Interactive and Captured Dimensions. In the future, the holding plans to rename Gearbox Publishing San Francisco.
Gearbox operates studios in Frisco (Texas, USA), Montreal and Quebec (Canada). The company was founded in 1999.
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