Borderlands developer Gearbox was acquired by parent company THQ Nordic, Embracer Group for $ 1.3 billion [Update]

The Embracer Group acquired Gearbox.

Embracer and Gearbox Entertainment announced today that they have entered into an agreement under which the first will acquire the developer Borderlands for up to $ 1.3 billion.

On the first day, Gearbox will receive $ 188 million in cash and $ 175 million in shares of Embracer B, for a total of $ 363 million. Embracer will also pay a maximum of $ 1.15 billion (with a maximum of $ 360 million in shares), as long as Gearbox meets certain targets over the next six years.

Gearbox has 550 employees in its main office in Frisco, Texas, as well as the satellite team in Quebec City, Canada. The money will allow Gearbox to expand, develop more games and expand its publishing business in North America. No change in leadership will occur.

Embracer controls six major development groups, including THQ Nordic, Koch Media / Deep Silver, Coffee Stain, Saber Interactive and others. The gearbox will now become the seventh.

“Lars [Wingefors]Embracer’s vision as an allied partner group, committed to fueling and accelerating the ambitions of a number of decentralized and successful entrepreneurial member companies, while expanding the collective value and advantages of diversification across the group is the the most brilliant strategy and design to sum up, medium and long-term success in this sector where I worked for 30 years, ”said Gearbox founder and chief Randy Pitchford.

Update: After the news was announced, Gearbox clarified that even with the merger, it still owns Borderlands IP and will continue to work with 2K Games on the franchise.

“We have a relationship with 2K, where we agree with certain IP exploration rights,” said Pitchford. “The ownership of the IP is clear. The IP is our IP. “

2K Games also clarified to VG247 that its relationship with the Gearbox was not affected.

“As the proud editor of the Borderlands franchise, we are happy for our partners at Gearbox and this exciting new chapter for your organization,” said a spokesman for 2K.

“The merger does not change 2K’s relationship with Gearbox or our role as publisher of Borderlands IP or any other project we are currently working on with the studio. We look forward to continuing our long-term partnership with this incredibly talented team and offering many more exciting entertainment experiences for game fans around the world. “