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(RTTNews) - Take-Two Interactive Software, Inc. (TTWO), an interactive entertainment firm, said that it has inked a deal with Embracer Group AB, a Swedish video game and media holding company, to acquire The Gearbox Entertainment Company, for $460 million in a cash-free, debt-free all-stock deal.

The consideration consists entirely of newly issued shares of Take-Two with average closing price per share on the Nasdaq Global Select Market during the five trading day period ending on the trading day immediately prior to the closing date, the company said in a statement.

Take-Two will acquire Gearbox's extensive portfolio of intellectual property, including Borderlands and Tiny Tina's Wonderlands franchises, as well as Homeworld, Risk of Rain, Brothers in Arms, Duke Nukem, and Gearbox's future pipeline.

The deal is scheduled to be closed in the first-quarter of Take-Two's fiscal 2025.

Strauss Zelnick, CEO of Take-Two, said: "This combination enhances the financial profile of our existing projects with Gearbox and unlocks the opportunity for us to drive increased long-term growth by leveraging the full resources of Take-Two across all of Gearbox's exciting initiatives."

Willkie Farr & Gallagher LLP is working as legal counsel to Take-Two, whereas KPMG and Deloitte are working as financial and tax advisers.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.