Take-Two Interactive Software Inc (NASDAQ:TTWO). is to acquire the outstanding shares of competitor Zynga, unifying two of the largest businesses in interactive computer gaming.
NASDAQ listed Take-Two, which publishes games such as the Grand Theft Auto and the 2K sports franchises, has agreed to acquire Zynga’s shares at US$9.86 per share with a total value of US$12.7bn.
More of a specialist in console and PC gaming, Take-Two will turn itself into one of the largest publishers of mobile gaming with the purchase of Zynga, which have created hugely popular games like Farmville and Words with Friends.
Strauss Zelnick, chairman and chief executive of Take-Two said the deal “significantly diversifies our business and establishes our leadership position in mobile, the fastest growing segment of the interactive entertainment industry.”
Mergers and acquisitions action in the gaming industry has far from stopped during the pandemic, with the past 12 months seeing London-listed Codemasters acquired by EA in February for US$1.2bn, and Sumo Group’s takeover by Tencent for US$1.2bn announced in July.
Story by ProactiveInvestors
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