US publishing giant Take-Two has said that it still wants to buy more companies in the wake of its record-breaking acquisition of Farmville firm Zynga.
Speaking to investors about that deal – as reported by VGC – CEO Strauss Zelnick (pictured) said that his company was still after the same things as it always has been – IP and talent. The firm paid a record-breaking $12.7 billion for Zynga, a 64 per cent premium on its share price before the deal.
“In terms of your question regarding ongoing acquisitions, that’s still something that will be of interest to us,” he said.
“We will close this transaction with a fortress like balance sheet, with very little net debt. We expect to be in a net cash position within a few years, by fiscal 24 [the business year ending March 31, 2024].
“We expect to generate positive cash flow on an ongoing basis as soon as the transaction closes and we expect the transaction to be accretive, so we’ll be in a powerful position to continue to acquire.
“And our approach to acquisition remains the same, which is we’re looking for great teams, great intellectual property, and accretive transactions. This transaction, for example, is expected to be accretive upon its closing.”