Zynga has officially become a subsidiary of Take-Two. The GTA publisher has finally completed the $12.7 billion deal announced earlier this year.
Under the terms of the merger agreement, Zynga stockholders received $3.50 in cash and 0.0406 shares of Take-Two common stock per share of Zynga common stock.
“Each of our teams has a strong history of operational execution, and together, we expect that we will enhance our financial profile through greater scale and profitability, paving the way for us to deliver strong shareholder value,” Take-Two CEO Strauss Zelnick said in a statement on May 23.
According to Zynga CEO Frank Gibeau, the company will continue to build an “unparalleled portfolio of games” and will bring its free-to-play mobile expertise to the Take-Two family.
In January, Take-Two announced its intent to snap up Zynga in one of the biggest deals in the history of the games industry, only behind Microsoft’s $68.7 billion acquisition of Activision Blizzard. The company’s shareholders approved the transaction last week.