BUZZ-Take-Two rises after $460 mln deal for Gearbox

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Dow Jones Industrial Average DJI	42840.26	+1.18%
S&P 500 index SPX	5930.85	+1.09%
NASDAQ IXIC	19572.60	+1.03%
Take-Two Interactive Software, Inc. TTWO	181.97	+0.33%

** Shares of U.S. video-game publisher Take-Two Interactive Software TTWO.O up about 1% at $148.38

** Take-Two on Wednesday said it would acquire Gearbox Entertainment from Sweden's Embracer EMBRACb.ST for $460 mln in newly issued shares

** TTWO received steep discount on the deal as Embracer in 2021 had bought Gearbox in a deal valued at $1.4 bln

** Gearbox will operate as a studio within 2K, a publishing label owned by Take-Two, and will be led by founder and CEO Randy Pitchford

** Reuters reported last year that Embracer had been considering options for Gearbox as it looked to shore up its finances

(Reporting by Atharva Singh in Bengaluru)

((atharva.singh@thomsonreuters.com))

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