Gearbox Entertainment Company and Embracer Group have successfully terminated their February-announced merger agreement worth up to $ 1.3 billion, the companies announced.
The merger makes The Gearbox Entertainment Company the seventh operating group in the Swedish-based Embracer Group, which has over 240 franchisees and 7,000 employees around the world, and positions The Gearbox Entertainment Company for “rapid growth”
“Our team is incredibly excited about the opportunity we now have,” said The Gearbox Entertainment Company founder Randy Pitchford in a press release. “Far from riding into the sunset, we are now positioned to launch new IPs, do more with our existing brands, grow our base of incredibly talented team members, and take advantage of new opportunities in our mission to entertain the world. This is just the beginning. ”
Embracer Group founder and CEO Lars Wingefors added: “This was the largest merger that Embracer has made. I’m grateful to Randy and his entire team for their enthusiasm, creativity and vision. We are confident of Gearbox’s long-term future in the Embracer Group. ”
In addition to The Gearbox Entertainment Company, the acquisition of Aspyr and the merger with Easybrain were also completed.