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GTA Maker Take Two Buys Zynga of FarmVille Fame in $12.7 Billion Deal

GTA Maker Take-Two Buys Zynga of FarmVille Fame in $12.7 Billion Deal

The deal still needs the approval of Take-Two and Zynga stockholders.

By Edited by Gadgets 360 with inputs from AP | Updated: 10 January 2022 18:26 IST

GTA Maker Take-Two Buys Zynga of FarmVille Fame in $12.7 Billion Deal

Take-Two said Monday it anticipates $100 million (roughly Rs. 740 crore) in annual cost savings

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Highlights

Take-Two anticipates $100 million (roughly Rs. 740 crore) in cost savings
The deal is expected to close during the first quarter of fiscal 2023
Shares of Zynga, based in San Francisco, jumped 52 percent

Take-Two Interactive, maker of Grand Theft Auto and Red Dead Redemption, is buying Zynga, maker of FarmVille and Words With Friends, in a cash-and-stock deal with an enterprise value of about $12.7 billion (roughly Rs. 94,030 crore).

Zynga shareholders will receive $3.50 (roughly Rs. 260) in cash and $6.36 (roughly Rs. 470) in shares of Take-Two common stock for each share of Zynga outstanding stock at closing.

Take-Two said Monday it anticipates $100 million (roughly Rs. 740 crore) in annual cost savings.

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The deal is expected to close during the first quarter of Take-Two's fiscal 2023, ending June 30. It still needs approval of both Take-Two and Zynga stockholders.

Shares of Zynga, based in San Francisco, jumped 52 percent to $9.14 (roughly Rs. 680). Shares of Take-Two Interactive Software, based in New York City, fell more than 8 percent to $150.66 (roughly Rs. 11,160).

“Combining Zynga's expertise in mobile and next-generation platforms with Take-Two's best-in-class capabilities and intellectual property will enable us to further advance our mission to connect the world through games while achieving significant growth and synergies together,” said a statement from Take-Two Interactive on the announcement.

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The company said the transaction is expected to establish Take-Two as a leader in mobile gaming, with mobile expected to comprise over 50 percent of its net bookings in FY 2023 (as compared to an estimated 12 percent in Fiscal Year 2022).

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