Take-Two is buying Zynga in $12.7B deal

From CNET: Video game giant Take-Two is acquiring mobile gaming company Zynga, it said Monday. The deal is valued at around $12.7 billion, or $9.86 per Zynga share.

Zynga publishes major social games like FarmVille and Words With Friends. Take-Two already owns game publishers Rockstar, which is behind Grand Theft Auto and Red Dead Redemption, and 2K, known for BioShock, Borderlands, Civilization and NBA 2K.

"We are thrilled to announce our transformative transaction with Zynga, which significantly diversifies our business and establishes our leadership position in mobile, the fastest growing segment of the interactive entertainment industry," Strauss Zelnick, chairman and CEO of Take-Two, said in a release.

The acquisition will help the companies "further advance our mission to connect the world through games while achieving significant growth and synergies together," Zynga chief Frank Gibeau said.

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