Embracer Group, a video game holding company, has acquired video game developer Gearbox Entertainment Co. The transaction, which is worth up to $1.3B, provides Gearbox with access to capital. The company confirmed that Randy Pitchford will continue in his current role as head of Gearbox.
Embracer Group, headquartered in Sweden, maintains a global presence through seven operative groups and ownership of a catalogue of more than 200 franchises.
Gearbox is best known for the creation of the Borderlands and Brothers in Arms franchises and the development of games in the Half-Life, Counter-Strike, Tony Hawk’s Pro Skater, 007 James Bond, and Halo franchises.
Juno Capital Partners and Union Square Advisors LLC acted as M&A and financial advisors to Gearbox. Fenwick & West acted as legal counsel.