Take-Two Officially Owns Gearbox Entertainment 

Just over two months after the deal was first announced, Take-Two Interactive and Embracer Group have officially completed the transfer of Gearbox Entertainment.

“On 28 March 2024, Embracer Group AB (“Embracer”) entered into an agreement to divest Gearbox Entertainment to Take-Two Interactive Software, Inc,” Embracer said in a press release. “All conditions for the transaction have now been fulfilled, and the transaction has been closed today.”

The deal sees Embracer issue 8.32 million B shares at $9.56 (SEK  98.78) to settle “certain earnout obligations”. To cover earnout obligations to Lost Boys Interactive, an addition 2.08 million B shares have been issued at a price of $7.66 (SEK 79.30) per share.

As part of the deal, Embracer received $460 million in newly issued shares of Take-Two Interactive.

A reminder that this deal includes Gearbox Software, Gearbox Montreal, and Gearbox Studio Quebec all going to Take-Two Interactive along with the Duke Nukem, Borderlands, and Tiny Tina’s Wonderlands franchises, among others.

Embracer retains the former Gearbox Publishing San Francisco, which is now Arc Games.

Shortly after the announcement of the deal back in March, Gearbox was hit with layoffs that saw “countless” people lose their jobs.

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