Technology

Take-Two Interactive buys Zynga for $ 12.7 billion

Shares in Zynga rose 52.5% to $ 9.15 on Monday, but Take-Two’s shares fell 8.7% to $ 150.25. (Photo: Canadian Press)

New York – Take-Two Interactive, the video game giant responsible for such popular franchises as “Grand Theft Auto” and “Red Dead Redemption,” announced Monday the acquisition of Zynga, which offers titles such as “FarmVille” and “Words With Friends “. in a cash and stock transaction valued at approximately $ 12.7 billion.

The acquisition would mark a marriage between the console gaming powerhouse Take-Two and a mobile phone game company with tens of millions of followers.

Zynga shareholders will receive $ 3.50 in cash and $ 6.36 in Take-Two shares for each share outstanding at closing.

Take-Two’s big boss, Strauss Zelnick, will fill the same roles within the new company.

Take-Two believes that the merger will lead to the creation of mobile versions of some of its console and personal computer games.

Take-Two said Monday that it expects annual savings of about $ 100 million over the two years after the transaction.

Zynga CEO Frank Gibeau and Publishing Director Bernard Kim will oversee the integration and day-to-day running of the new mobile gaming company Zynga-T2, which will operate under the Zynga brand within Take.-Two.

Two members of the Zynga board of directors will also join Take-Two, now numbering ten.

The agreement gives Zynga 45 days to consider possible alternative proposals.

The deal is expected to close in the first quarter of Take-Two’s fiscal year 2023, which ends on June 30. The agreement has been approved by both boards of directors, but has yet to be approved by the shareholders of both companies.

Shares in Zynga rose 52.5% to $ 9.15 on Monday, but Take-Two’s shares fell 8.7% to $ 150.25.

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