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Take-Two confirms new Borderlands game amid Gearbox acquisition

Embracer Group has announced plans to sell Gearbox Studios to Take-Two Interactive for $460 million, consisting entirely of newly issued Take-Two stock. Take-Two has confirmed that Gearbox is developing a new Borderlands game.

According to a press release from the video game holding company, the company will divest Gearbox Software, Gearbox Montréal, Gearbox Studio Quebec, as well as Borderlands, Tiny Tina’s Wonderland, Homeland, Risk of Rain, The Band of Brothers and Duke Nukem franchises.

The divested assets will join Take-Two’s 2K division, which has long been a publishing partner of Gearbox. They have successfully released the Borderlands series of games since the launch of the first game in 2009. Gearbox will continue to be led by its founder and CEO Randy Pitchford.

The sale does not include the studios Embracer purchased through Gearbox, including Cryptic Studios, Lost Boys Interactive and Captured Dimensions. It also excludes San Francisco-based Gearbox Publishing, the publisher of Remnant 2 and publishing rights holder of several upcoming games, including Hyper Light Breaker.

Embracer reorganization is over?

The divestment marks the apparent end of a restructuring plan that resulted in the loss of more than 1,300 jobs at Embracer-owned companies.

“Today’s announcement marks the outcome of the final structural divestment process and is an important step in embracing future transformation, with significantly lower net debt and improved free cash flow. With this transaction, we have reduced business risk and improved profitability,” At the same time, we are transforming into a leaner and more focused company,” said Lars Wingefors, co-founder and CEO of Embracer.

Randy Pitchford said that although he is a long-term shareholder of Embracer Group, he believes this is the most positive outcome for Embracer, Take-Two and Gearbox. “My primary interest has always been Gearbox, especially our talent and customers. I want to personally assure fans of our games that this arrangement will ensure our development experience at Gearbox will be the best it can be,” he said.

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