The long-rumored sale of Gearbox Entertainment is now confirmed to be in the works. On Tuesday night, Embracer Group announced that it will sell Gearbox to Take-Two Interactive Software, Inc., for a consideration of $460 million. This deal will reportedly include Gearbox Software's Frisco, Texas headquarters, as well as the company's Montréal and Quebec studios.
"Today's announcement marks the result of the final structured divestment process and is an important step in transforming Embracer into the future with notably lower net debt and improved free cash flow," Lars Wingefors, co-founder and CEO of Embracer, said in a statement."Through the transaction, we lower business risk and improve profitability as we transition to becoming a leaner and more focused company.
This deal between Embracer and Take-Two has been rumored to be in the works since the fall of 2023, amid restructuring and financial cuts at the former studio.
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