Embracer Group have announced they will be merging with popular video game company Gearbox Entertainment in a transaction worth upwards of $1.3 billion.
Gearbox Entertainment founder and CEO Randy Pitchford will remain as company lead, and both Pitchford and the company’s employees will become significant shareholders in Embracer Group.
Lars Wingefors, founder and CEO of Embracer Group, said in a press release:
“Gearbox is arguably one of the most creative and valuable independent developers in the world. We believe that the resources offered by Embracer will position Gearbox for continued significant growth in the years to come.”
Randy Pitchford also added:
“Lars’ vision of Embracer as an allied partner group committed to fueling and accelerating the ambitions of a series of decentralized, successful entrepreneurial member companies while magnifying the collective value and advantages of diversification across the entire group is the most brilliant strategy and design for short, medium, and long-term success in this industry that I have worked in during 30 years. The feeling at Gearbox is that we are just getting started and this transaction is not merely a stimulant for the talent of our employee-owned company, but a propellent for the exciting future we have planned.”