Video Game Giant Embracer Sells 'Borderlands' Maker To Take-Two

Source: International Business Times

'Borderlands' is a first-person shooter game set in a space Western AFP Swedish video game group Embracer said Thursday it was selling Gearbox Entertainment, the developer of the popular first-person shooter franchise "Borderlands", to US company Take-Two for $460 million. Embracer chief executive Lars Wingefors said the sale, to be completed by the end of June, was "an important step in transforming Embracer into the future with notably lower net debt and improved free cash flow. "The sale would reduce the company's net debt by around $300-327 million, the group said in a statement.