Take-Two completes Zynga acquisition
Deal closed May 23, mobile firm officially a subsidiary of publishing giant
Take-Two Interactive has completed the acquisition of mobile studio Zynga, following shareholder approval from both parties last week.
The transaction sees the Grand Theft Auto publisher purchase all outstanding shares of the company for approximately $12.7 billion.
"We are thrilled to complete our combination with Zynga," Said Take-Two chairman and CEO Strauss Zelnick, who called the deal a "pivotal step" in the firm's plans to build out its mobile offering.
"As we bring together our exceptional talent, exciting pipelines of games, and industry-leading technologies and capabilities, we believe that we can take our portfolio to another level of creativity, innovation, and quality.
Zynga CEO Frank Gibeau added: "We are eager to continue building an unparalleled portfolio of games that will reach broader markets and lead to continued growth for this next chapter of Zynga's history."
Take-Two announced its intent to buy the FarmVille maker at the start of the year, as well as the establishment of the T2 Mobile Games business, which will operate under Zynga.
Gibeau and Zynga president of publishing Bernard Kim will oversee the firm's integration in Take-Two. However, Kim is due to leave the firm at the end of May to take on a new role as CEO of dating app maker Match.