Gearbox Entertainment has been divested and sold to Take-Two Interactive.

Announced yesterday via a press release, Embracer Group has divested Gearbox Entertainment and is selling them to Take-Two Entertainment for 460 million dollars. Take-Two’s acquisition of Gearbox Entertainment should be final near the end of June.

In a prepared statement, The co-founder and CEO of Embracer Group Lar Wingefors said “Today’s announcement marks the result of the final structured divestment process and is an important step in transforming Embracer into the future with notably lower net debt and improved free cash flow. Through the transaction, we lower business risk and improve profitability as we transition to becoming a leaner and more focused company. After evaluating several options for Gearbox, I am happy that we have reached a solution that is in the best interest of all stakeholders. Randy and the team have been great team members throughout the past years, and I would like to thank them all for that. As one of the world’s greatest games developers, I am confident that Gearbox will continue to innovate and thrive in their new home within Take-Two,”

CEO and founder of Gearbox Entertainment said ”As a significant long-term Embracer Group shareholder, I believe in the strategy for the Embracer Group going forward and am completely convinced that this transaction is the best…