Embracer Group sells Borderlands creator Gearbox to Take Two for 460 million
Embracer Groups is divesting itself of Gearbox for 460 million dollars, according to an official Embracer Group press release. Gearbox - creator of Borderlands, Risk of Rain, and more video game IPs - will be aquired by Take Two and paid entirely with newly created Take Two shares.
When it comes to exactly what Embracer is selling, this includes Gearbox Software, Gearbox Montréal, Gearbox Studio Quebec and well as various IP like Borderlands, Homeworld, Risk of Rain, Brothers in Arms and Duke Nukem. However, Embracer will be keeping its grip on Gearbox Publisher (soon to be renamed following the sale), Cryptic Studios, (Neverwinter Online and Star Trek Online), Lost Boys Interactive and Captured Dimensions. These developers will be folded into the Embracer company proper following the sale.
Back in 2021, Embracer group bought Gearbox for $1.3 billion. $363 million was upfront, split 50 / 50 between cash and Embracer shares. There was then rougly $1 billion up for grabs if Gearbox hit several targets within six years, though there is no mention on whether these targets were hit by Gearbox since being acquired. Randy Pitchford will remain CEO of Gearbox as the company jiggles under Take Two's umbrella.
