The Embracer Group bought Gearbox Entertainment in a deal worth $ 1.3 billion.
The deal will initially see Gearbox receive $ 363 million in stock and cash from Embracer, with the company paying up to an additional $ 1.15 billion depending on whether Gearbox meets a set of goals agreed between the two organizations.
The Embracer group currently owns a collection of gaming companies. These include THQ Nordic, Deep Silver, Saber Interactive, and Koch Media, with Gearbox being the seventh development group to fall under the Embracer umbrella. The parent company also recently acquired Aspyr Media, a studio specializing mainly in porting games to new platforms.
According to a press release, the acquisition will give Gearbox the opportunity to expand and develop more games in the future. Randy Pitchford will remain as CEO and there will be no other changes in leadership.
Pitchford also confirmed that the deal won’t change the relationship with 2K Games compared to the Borderlands franchise. In a tweet, Pitchford announced that Gearbox owns the IP behind the shooter series, but went on to say the publisher has some rights to exploit the IP due to previous deals.
Confirming this in a statement released to VG247, 2K Games said “the merger does not change 2K’s relationship with Gearbox nor our role as publisher for Borderlands IP or any other project we are currently working on with the studio.” .
The company went on to say, “As the proud publisher of the Borderlands franchise, we are delighted for our Gearbox partners and this exciting new chapter for their organization.”
From this information, it appears that Gearbox and 2K Games will continue to work together regarding Borderlands, at least in the short term. But editorial duties for other projects could shift to one of Embracer’s other subsidiaries.
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