Video game giant Take-Two Interactive has announced that it will acquire Zynga in a $ 12.7 billion deal. It is the largest in the industry so far, and will create a group of companies that span consoles, PCs and mobile devices; is expected to close in the first quarter of 2023, but there is a 45-day go-shop period until February 24 where Zynga can negotiate with other buyers for a better deal. The company lost more than a third of its market value last year – the biggest drop among major game publishers – likely due to Apple’s new privacy and advertising rules on iOS, and yet has a long track record in the mobile industry with titles such as Farmville, Words with Friends, Farm Heroes e Zynga Poker.
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“By combining Zynga’s expertise in mobile and next-generation platforms with Take-Two’s best-in-class capabilities and intellectual properties, we will be able to further our mission to connect the world through games, achieving meaningful growth and synergies together.” said Frank Gibeau, CEO of Zynga.
Take-Two, on the other hand, is known for game franchises like Grand Theft Auto, BioShock e Red Dead Redemption. “We are thrilled to announce our agreement with Zynga, which significantly diversifies our business and establishes our leadership position in mobile, the fastest growing segment of the interactive entertainment industry,” said Take CEO and President. -Two Strauss Zelnick.
With the mobile gaming market expected to exceed $ 116 billion by 2024, according to data firm Newzoo, many analysts are expecting more deals in the industry. The one just announced bore good for Zynga, whose shares were up 45 percent, while Take-Two was down about 15 percent.
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