The $12.7 billion acquisition of Zynga by Take-Two has been officially completed, in line with the company's predictions following the latter's most recent earning report.
Shareholders successfully approved the deal last week, and Zynga stockholders received $3.50 in cash and 0.0406 shares of Take-Two common stock per share of Zynga common stock.
Zynga CEO Frank Gibeau stated: “We are excited for Zynga’s next-generation mobile platform, free-to-play expertise, diverse offering of games and incredible team to join the Take-Two family.
“We are eager to continue building an unparalleled portfolio of games that will reach broader markets and lead to continued growth for this next chapter of Zynga’s history.”
"Mobile [is] the fastest-growing segment in interactive entertainment"
Although Gibeau will remain as Zynga CEO, then-president Bernard Kim has already announced his move to the Match Group as CEO.
Strauss Zelnick, chairman and CEO of Take-Two, also said: “We are thrilled to complete our combination with Zynga, which is a pivotal step to increase exponentially our net bookings from mobile, the fastest-growing segment in interactive entertainment, while also providing us with substantial cost synergies and revenue opportunities."
The completion cements the acquisition of Zynga as the second largest video games acquisition in the history of the industry – perhaps a reasonable price for one of the most successful mobile games companies, which recently reported $691 million revenue in Q1 2022.