Grand Theft Auto maker acquires Zynga in a $ 12.7 billion deal


Take-Two Interactive, the makers of “Grand Theft Auto” and “Red Dead Redemption”, is buying Zynga, the maker of “Farmville” and “Words with Friends”, in a cash-and-stock deal worth about $ 12.7 billion.

The acquisition, announced on Monday, will marry Powerhouse on console gaming, a take-on, almost cult-like following with the mobile gaming company.

Zynga shareholders will receive $ 3.50 cash and $ 6.36 take-away common shares per share of Zynga outstanding at the closing. The transaction was valued at $ 9.86 per share of Zynga common stock.

“This strategic combination combines our best-in-class console and PC franchises with a market-leading, diverse mobile publishing platform with a rich history of innovation and creativity,” says Strauss Zelnik, Take-Two Chairman and CEO. When companies merge, they retain those roles.

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Take-Two expects the deal to help bring some of its consoles and mobile versions of personal computer-based games.

Take-Two said Monday that it expects an estimated $ 100 million annual cost savings in the first two years of the transaction.

Zynga CEO Frank Gibeau and Bernard Kim, President of Publishing, oversee the integration and day-to-day operations of the combined Zynga and T2 Mobile Games business, which acts as its own label under the Zynga brand within Take-Two. .

When Take-Two closes its board, it expands to 10 members, with Jinga adding two members from the board.

The transaction includes a go-shop provision, giving Zynga 45 days to ask for alternative proposals.

The deal is expected to expire in the first quarter of Take-Two’s 2023 financial year ending June 30. This still requires the approval of Take-Two and Zinga Stockholders. It has been approved by the boards of both companies.

San Francisco-based Zynga Inc. Shares of the stock jumped 52.5% to $ 9.15. Take-Two Interactive Software, Inc. located in New York City. Shares fell 8.7% to $ 150.25.

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