THQ Nordic parent Embracer snaps up Borderlands firm Gearbox

Date Type Companies involved Size
February 3rd, 2021 acquisition Aspyr Media
Embracer Group
Gearbox Software
THQ Nordic parent Embracer snaps up Borderlands firm Gearbox

European publishing giant Embracer Group has acquired American games studio Gearbox.

The Borderlands firm has been snapped up for $363 million, $188 million of which is being paid out in cash, with the remaining $175 million being doled out in stock. Another $1.015 billion might be paid if the company hits certain targets.

This is by far Embracer's biggest acquisition yet.

“Gearbox is arguably one of the most creative and valuable independent developers in the world," Embracer boss Lars Wingefors (pictured) said. "We believe that the resources offered by Embracer will position Gearbox for continued significant growth in the years to come.”

Gearbox boss Randy Pitchford added: “Lars’s vision of Embracer as an allied partner group committed to fueling and accelerating the ambitions of a series of decentralised, successful entrepreneurial member companies while magnifying the collective value and advantages of diversification across the entire group is the most brilliant strategy and design for short, medium, and long-term success in this industry that I have worked in during 30 years. The feeling at Gearbox is that we are just getting started and this transaction is not merely a stimulant for the talent of our employee-owned company, but a propellent for the exciting future we have planned.”

Embracer has also bought Aspyr Media for $60 million in cash, $40 million in stock with another $350 million being given out for hitting certain targets. This deal has been done via Embracer's Saber Interactive.

“I have been a fan of Aspyr for longer than I have been in the industry. Michael and Ted are true entrepreneurs that have built a business by identifying and exploiting opportunity where no one else saw it. They are a perfect fit for Embracer and I am proud to now call them partners," Saber CEO and director Matthew Karch said.

"Together we will be able to greatly expand our development and publishing activities here in the US. Stay tuned for details on some of the amazing games we have under joint development. Today is a truly amazing day for Saber and the entire Group."

PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for, VGC, Games London, The Observer/Guardian and Esquire UK.