Borderlands developer Gearbox Software has announced that it will be acquired by THQ Nordic parent company Embracer Group.

Announced via a press release, Gearbox Software and all of its associated IPs will be acquired by Embracer for a total of $1.3 billion.

Controversial Gearbox CEO Randy Pitchford is confirmed to stay on at his current position at the game development studio and current employees will become Embracer Group shareholders as part of the deal.

“Lars’s vision of Embracer as an allied partner group committed to fueling and accelerating the ambitions of a series of decentralized, successful entrepreneurial companies while magnifying the collective value and advantages of diversification across the entire group is the most brilliant strategy and design for short, medium, and long-term success in this industry that I have ever encountered in my 30 years in this industry,” Pitchford said. “The feeling at Gearbox is that we are just getting started and this transaction is not merely a stimulant for the talent of our employee-owned company, but a propellent for the exciting future we have planned.”

Gearbox Software might best be known for the Borderlands franchise but the studio does hold some interesting and believed IPs. Alongside Borderlands, Gearbox owns Brothers in Arms, Duke Nukem, Homeworld and more.

The studio’s last release was 2019’s Borderlands 3 for Xbox One, PS4 and PC. The long-awaited first-person RPG released to positive reviews and received a next-gen enhancement for PS5 and Xbox Series consoles. Read our review here.

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