Embracer Group acquires Gearbox Software

Embracer Group which was formerly known as THQ Nordic has announced that they've acquired Borderlands creator Gearbox in a deal said to be worth a potential $1.3 billion USD.

In a press release, Embracer said that Gearbox will become a seventh operating group as a wholly-owned subsidiary of the company. CEO Randy Pitchford will continue to lead the studio and the 550 employees will all become joint "significant" shareholders in Embracer. The $1.3 USD billion-dollar value of the deal is dependent on performance with $363 million of the value paid upfront and the owners getting just over a billion should the company hit an agreed on six-year performance targets.

Pitchford said in a statement on the acquisition: "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."