Take-Two Interactive Acquires Zynga.
Take-Two Interactive and Zynga have reached an agreement to combine and become one single entity to enhance positioning in global interactive entertainment.
The deal makes Take-Two acquire all of the outstanding shares of Zynga in a combination of cash and stock valued at $9.86 per Zynga share. The total value amounts to $12.7 billion which makes the Zynga stock owners’ compensation $3.50 in cash and $6.36 in shares of Take-Two.
Take Two’s CEO, Strauss Zelnick, said, “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.”
Zynga is a mobile gaming giant with hugely famous titles like Farmville and Words with Friends. On the other hand, Take-Two has popular titles under its belts like Grand Theft Auto, Red Dead Redemption, and Civilization. The acquisition will bring out the best in both companies.
Zynga’s CEO, Frank Gibeau, said, “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 synergies together.”
The deal is expected to close this year between April and June. The acquisition will result in better games, an ever-increasing audience, and Take-Two becoming a leader in the gaming industry.
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