Take-Two set to acquire Farmville developer Zynga for $12.7 Billion

Take-Two set to acquire Farmville developer Zynga for $12.7 Billion

Gaming giant Take-Two announced today that it is acquiring rival Zynga for $12.7 billion in cash and stock. The deal gives Zynga shareholders a 64% premium over Friday’s closing price.

Take-Two is best known for its Grand Theft Auto, Civilization, Mafia, Borderlands, and Bioshock games as well as 2K sports titles such as NBA 2K22, PGA 2K21 and WWE 2K Battlegrounds.  Zynga is the company behind Farmville, Harry Potter: Puzzles & Spells, and CSR Racing. The combined entity will be among the largest interaction entertainment firms on the planet.

Take-Two CEO and Chair, Strauss Zelnick said, “We are thrilled to announce our transformative transaction with Zynga, which significantly diversifies our business and establishes our leadership position in mobile, the fastest growing segment of the interactive entertainment industry.” He went on to say, “This strategic combination brings together our best-in-class console and PC franchises, with a market-leading, diversified mobile publishing platform that has a rich history of innovation and creativity. Zynga also has a highly talented and deeply experienced team, and we look forward to welcoming them into the Take-Two family in the coming months.”

Zynga CEO Grank Gibeay said, “We are incredibly excited to have found a partner in Take-Two that shares our commitment to investing in our players, amplifying our creative culture and generating more value for stockholders.” He added, “With this transformative transaction we begin a new journey which will allow us to create even better games, reach larger audiences and achieve significant growth as a leader in the next era of gaming.”

According to Take-Two, the deal will save the combined companies roughly $100,000,000 in the first two years thanks to synergies.

 

 

 

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