Big Law
Take-Two Acquires Mobile Game Creator Zynga For $11 Billion
Take-Two Interactive is buying “Farmville” creator Zynga in an $11.04 billion deal, the “Grand Theft Auto” maker said on Monday, as it looks to tap into a surge in on-the-go gaming on smartphones.
Take-Two, also known for “Red Dead Redemption”, offered $9.86 per share, representing a 64% premium to the last closing price of Zynga. Zynga’s shares rose about 50% in trading before the bell, while those of Take-Two fell nearly 9%.
The deal follows Electronic Arts’ $2.4 billion acquisition of Glu Mobile last year as game studios look to build their mobile portfolios.
Many consumers, who were glued to their consoles during the peak of the pandemic, have now shifted to mobile gaming as they prefer to play on the go.
