WASHINGTON (dpa-AFX) - 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.



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