Gearbox was only taken over by the Swedish Embracer Group in 2021. Now the development studio has a new owner again. The buyer is no stranger to the industry.
Bild: Gearbox
Embracer Group has announced that Gearbox has been sold for $460 million. Namely to the US publisher Take-Two Interactive. The acquisition is expected to close in the first quarter of Take-Two’s fiscal year 2025 (ended June 30, 2024) and is subject to customary closing conditions, including regulatory approval.
The deal includes full ownership of the “Borderlands,” “Tiny Tina’s Wonderlands,” “Homeworld,” “Risk of Rain,” “Brothers in Arms” and “Duke Nukem” franchises. There should already be plans for future games. Gearbox currently has six projects in various stages of development, including five sequels, two of which include “Borderlands” and “Homeworld,” the announcement said.
Gearbox will operate as a studio within 2K and will be led by founder and CEO Randy Pitchford and his management team. “Joining forces with Take-Two Interactive and 2K will help Gearbox reach the next level,” said Pitchford. “I’m incredibly excited about what we can achieve now that we are fully aligned.”
The sale by the Embracer Group was primarily for economic reasons. It was an important step to lead the company “into the future with significantly lower net debt and improved free cash flow,” Lars Wingefors, co-founder and CEO of Embracer, is quoted as saying.