Second Largest Acquisition of Gaming Industry Finalized; Take 2 Owns Zynga
Take-Two has announced the finalization of its $12.7 billion acquisition of mobile game company Zynga.
It happened. The rumored deal announced earlier this year has finally reached the finish line. Take-Two's CEO Strauss Zelnick declared finalization, adding that the acquisition of Zynga is a "key step" in the company's plans to expand its mobile gaming portfolio (via gamesindustry.biz).
As reported in January, Take-Two Interactive, which can boast such gems as the GTA series, began the arduous road to the complete acquisition of the mobile gaming giant Zynga. As part of the deal, the publisher acquired the entire company for a total of $12.7 billion. With this the deal became the second largest acquisition in the history of the gaming industry - actually even the biggest one for now, because Microsoft's record investment in Activision Blizzard, worth $68.7 billion, will probably not be finalized for several more months.
"We look forward to continuing to build an unparalleled portfolio of games that will reach broader markets and contribute to continued growth in the next chapter of Zynga's story," announced Frank Gibeau, Zynga's CEO.
Gibeau and Zynga's president of publishing, Bernard Kim, will oversee the corporation's integration with Take-Two. However, Kim is expected to leave the team at the end of May to become CEO of Match, a dating app company.
It is also worth mentioning that the purchase of the FarmVille developer is another step towards the creation of T2 Mobile Games project, which will operate under Zynga.
