Take-Two to buy Duke Nukem IP & Gearbox Entertainment from Embracer in $460m deal

From NS Business:

Interactive entertainment firm Take-Two Interactive Software has agreed to acquire transmedia entertainment developer Gearbox Entertainment from Embracer Group in a deal worth $460m.

Under the deal, Take-Two will snap up Gearbox Entertainment’s portfolio of intellectual property, including full ownership of Borderlands and Tiny Tina’s Wonderlands franchises along with Risk of Rain, Homeworld, Brothers in Arms, Duke Nukem, and its future pipeline.

Take-Two creates, publishes, and markets interactive entertainment for customers worldwide. The firm builds and issues products principally through video game publishers such as 2K, Rockstar Games, Private Division, and Zynga.

According to the terms of the definitive agreement, Take-Two will fully disburse the consideration of the deal in newly issued shares of its common stock.

Embracer will sell the shares to receive cash proceeds soon after the closing of the transaction. The estimated net cash proceeds amount to nearly $300m-330m.

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