Embracer Group has finalized an agreement to divest Gearbox Entertainment to Take-Two Interactive Software for a sum of $460 million (SEK 4.9 billion).
This strategic move aims to significantly reduce Embracer’s net debt, earnout obligations, and capital expenditures.
Embracer will retain selected entities, including Gearbox Publishing San Francisco, maintaining publishing rights to acclaimed franchises like Remnant and the forthcoming Hyper Light Breaker, along with other undisclosed game releases.
Lars Wingefors, co-founder and CEO of Embracer, expressed his satisfaction with the deal, citing it as a crucial step in Embracer’s evolution towards a leaner and more focused organization. He commended Gearbox’s contributions over the years and voiced confidence in their continued success under Take-Two’s umbrella.
Randy Pitchford, founder and CEO of Gearbox Entertainment, echoed Wingefors’ sentiments, assuring fans that the transition will ensure the best possible experiences for both talent and customers.
Key components of the transaction include:
Divested assets include Gearbox Software, Gearbox Montréal, Gearbox Studio Quebec, and renowned franchises like Borderlands and Duke Nukem.
Retained assets comprise Gearbox Publishing San Francisco (to be renamed), Cryptic Studios, Lost Boys Interactive, and Captured Dimensions.
