Take-Two announces acquisition of mobile games giant Zynga for $12.7bn
Grand Theft Auto parent Take-Two has announced its intention to acquire mobile games giant Zynga in a deal worth $12.7 billion.
The deal will see the combination of Take-Two’s blockbuster console and PC franchises including GTA, Borderlands, NBA 2K and BioShock, with Zynga’s social gaming brands including FarmVille and Words With Friends.
In a statement, Take-Two said the acquisition would establish it as “one of the largest and most diversified mobile game publishers in the industry”.
“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,” said Strauss Zelnick, Chairman and CEO of Take-Two.
“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.
“As we combine our complementary businesses and operate at a much larger scale, we believe that we will deliver significant value to both sets of stockholders, including $100 million of annual cost synergies within the first two years post-closing and at least $500 million of annual Net Bookings opportunities over time.”
Frank Gibeau, CEO of Zynga added: “Combining Zynga’s expertise in mobile and next-generation platforms with Take-Two’s best-in-class capabilities and intellectual property will enable us to further advance our mission to connect the world through games while achieving significant growth and
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