The Gearbox Entertainment Company and Embracer Group have successfully closed on 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 Sweden-based Embracer Group, which has over 240 franchises and 7,000 employees around the world, as well as positions The Gearbox Entertainment Company for “rapid growth” with its “robust IP catalogue, AAA development studios, and North American publishing capabilities.” The Gearbox Entertainment Company currently employees 550 staff across its studios in Frisco, Texas and Quebec City.
“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 off into the sunset, we are now positioned to launch new IP, do more with our existing brands, grow our base of incredibly talented team members, and capitalize on new opportunities in our mission to entertain the world. This just the start.”
Embracer Group founder and CEO Lars Wingefors added, “This was the largest merger that Embracer has undertaken. I am grateful to Randy and his entire team for their enthusiasm, creativity and vision. We are confident in Gearbox’s long-term future within Embracer Group.”