Borderlands developer Gearbox is being acquired by Take-Two for $460 million

Embracer Group has announced that it is selling Gearbox Entertainment to Rockstar parent Take-Two Interactive for $460 million USD.

The details:

• Take-Two will acquire the company and its core development studios, as well as its IPs, which include Borderlands, Tiny Tina's Wonderlands, Homeworld, Duke Nukem, Brothers in Arms, and Risk of Rain. The acquisition is expected to be completed by June 2024.

• Embracer will retain a number of Gearbox subsidiary studios, including Lost Boys Interactive, Cryptic Studios, Captured Dimensions, and the soon-to-be-renamed Gearbox Publishing San Francisco.

• 2K president David Ismailer also confirmed to Business Wire that Gearbox and 2K are in "active development" on the next Borderlands title.

• The two companies have had a long partnership, with Take-Two subsidiary 2K publishing the Borderlands series since its debut in 2009. Following reports that Embracer was looking to sell Gearbox, many eyes turned to Take-Two as a potential buyer, but CEO Strauss Zelnick declined to comment on the matter.

More gaming news:

• Activision will begin banning players who use boosting services in Call of Duty: Modern Warfare III and Warzone to climb the ranked leaderboards.

• Sega has announced that it will lay off 240 employees in Europe and sell developer Relic Entertainment to an outside investor.