<p><strong>NEW YORK &; SAN FRANCISCO</strong> &#8212; Gaming company Take-Two Interactive of New York has agreed to acquire San Francisco-based Zynga in an out of sight cash and stock deal valued at $9.86 per Zynga share, with a total deal value of approximately $12.7 billion.</p>
<p>Zynga stockholders will receive $3.50 in cash and $6.36 in shares of Take-Two common stock for each share of Zynga common stock outstanding at the closing of the transaction. The purchase price represents a premium of 64% to Zynga’s closing share price on January 7, 2022.</p>
<p>This deal with Zynga establishes Take-Two as one of the largest and most diversified mobile game publishers in the industry, with $6.1 billion in Net Bookings for the trailing twelve-month period ended September 30, 2021.</p>
<p>Take-Two is best known for its console games while Zynga is a developer of mobile games.</p>
<p>Both companies have created and expanded iconic franchises, which will combine to form one of the largest and most diverse portfolios of intellectual properties in the sector. Take-Two’s labels are home to some of the most beloved series in the world, including <em>Grand Theft Auto®, Red Dead Redemption®, Midnight Club®, NBA 2K®, BioShock®, Borderlands®, Civilization®</em>, <em>Mafia®, </em>and <em>Kerbal Space Program®</em>, while Zynga’s portfolio includes renowned titles, such as <em>CSR Racing™, Empires &; Puzzles™, FarmVille™, Golf Rival™, Hair Challenge™, Harry Potter: Puzzles &; Spells™, High Heels! ™, Merge Dragons!™, Toon Blast™, Toy Blast™, Words With Friends™,</em> and <em>Zynga Poker</em>™.</p>
<p>“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,” said Strauss Zelnick, Chairman and CEO of Take-Two. “This strategic combination brings together our best-in-class console and PC franchises, with a market-leading, diversified mobile publishing platform that has a rich history of innovation and creativity. Zynga also has a highly talented and deeply experienced team, and we look forward to welcoming them into the Take-Two family in the coming months. As we combine our complementary businesses and operate at a much larger scale, we believe that we will deliver significant value to both sets of stockholders, including $100 million of annual cost synergies within the first two years post-closing and at least $500 million of annual Net Bookings opportunities over time.”</p>
<p>“Combining Zynga’s expertise in mobile and next-generation platforms with Take-Two’s best-in-class capabilities and intellectual property will enable us to further advance our mission to connect the world through games while achieving significant growth and synergies together,” said Frank Gibeau, CEO of Zynga. “I am proud of our team’s hard work to deliver a strong finish to 2021, with one of the best performances in Zynga’s history. We are incredibly excited to have found a partner in Take-Two that shares our commitment to investing in our players, amplifying our creative culture, and generating more value for stockholders. With this transformative transaction, we begin a new journey which will allow us to create even better games, reach larger audiences and achieve significant growth as a leader in the next era of gaming.”</p>
<p>Take-Two has an extensive catalog of commercially and critically successful console and PC titles with engaged and loyal communities of players, and there is a meaningful opportunity to create mobile games and new cross-platform experiences for many of these properties. Zynga’s nearly 3,000 employees include highly-talented mobile developers, paving the way for Take-Two to accelerate this strategic initiative and introduce its iconic intellectual properties across the fastest-growing platform in the industry.</p>
<p>At the close of the transaction, Strauss Zelnick will continue to serve as Chairman and CEO, and the management team of Take-Two will continue to lead the combined company. Zynga&#8217;s highly skilled and proven management team, led by Frank Gibeau and Zynga&#8217;s President of Publishing, Bernard Kim, will drive the strategic direction for Take-Two&#8217;s mobile efforts and will oversee the integration, and day-to-day operations of the combined Zynga and T2 Mobile Games business, which will operate under the Zynga brand as its own label within the Company.</p>

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