Gearbox Studios, developers of games such as Borderlands and also publishers of things like the new Homeworld titles has been bought by Embracer Group, the same Swedish company that owns THQ Nordic and Koch Media.
The acquisition makes Gearbox the company’s seventh video game holding company, alongside other companies such as DECA and Saber Interactive.
The purchase includes plans to expand Gearbox’s business, add new studios and staff, “create new brands” and look for more properties (Like it Homeworld) to buy.
Gearbox boss Randy Pitchford – who will remain on as the company’s boss – released a statement, which began quoting Embracer’s CEO Lars Wingefors, saying:
Lars’ vision of Embracer as an allied partner group committed to fueling and accelerating the ambitions of a range of decentralized, successful entrepreneurial companies, while increasing the collective value and benefits of diversification across the group, is the most brilliant strategy and design for short, medium, and long term success in this industry that I have encountered in my 30 years in this industry. The feeling at Gearbox is that we are just getting started and that this transaction is not only a boost for the talent of our own company, but also a driver for the exciting future we have planned.
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Gearbox is behind other hits such as the Brothers in arms series, and there is one Borderlands movie currently being made, which no doubt contributed to Embracer’s interest. No word on whether sales were affected by it equally Aliens: Colonial Marines and Duke Nukem forever, though, or the fact that Gearbox’s Battleborn closed for good this week.
The initial purchase price was $ 363 million, half in cash and half in Embracer stock, with an additional $ 1 billion ($ 360 million shares and the remainder in cash) if Gearbox is able to meet “agreed financial and operational goals in the next six years.”