Take-Two Interactive has completed its acquisition of Zynga shortly after stockholders approved the deal.
Under the terms of the merger agreement, Zynga stockholders received $3.50 in cash and 0.0406 shares of Take-Two common stock per share of Zynga common stock.
Take-Two agreed to purchase Zynga at a valuation of $12.7 billion in January 2022 to create what it described as “one of the largest and most diversified mobile game publishers in the industry.”
Take-Two is the owner of major franchises like Grand Theft Auto, Red Dead Redemption, and NBA 2K. Zynga, meanwhile, has worked on casual mobile and social titles like CSR Racing, Words with Friends, and Empires & Puzzles.
When announcing the deal earlier this year, Take-Two chairman and CEO Strauss Zelnick said the move will allow the company to establish a notable presence in the mobile space. The Take-Two boss reiterated those sentiments in an announcement earlier today.
“We are thrilled to complete our combination with Zynga, which is a pivotal step to increase exponentially our Net Bookings from mobile, the fastest-growing segment in interactive entertainment, while also providing us with substantial cost synergies and revenue opportunities,” commented Zelnick.
Zynga CEO Frank Gibeau echoed those remarks, and said the acquisition will allow Zynga to continue bolstering an “unparalleled portfolio” while reaching broader markets and delivering growth.