January 10, 2022

Willkie advised Take-Two in its acquisition of Zynga, a landmark merger for the gaming industry.

On January 10, Take-Two Interactive Software, Inc. and Zynga, two leaders in interactive and mobile entertainment, announced that they entered into a definitive agreement, under which Take-Two will acquire all of the outstanding shares of Zynga in a cash and stock transaction with a total enterprise value of approximately $12.7 billion, in the highest-valued interactive entertainment acquisition to date.

Under the terms of the agreement, 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. In connection with the transaction, Take-Two received a $2.7 billion financing commitment.

The transaction unites Take-Two’s portfolio of console and PC games and Zynga’s industry-leading mobile franchises. The deal forms one of the largest and most diverse intellectual property portfolios in the sector and is expected to establish Take-Two as one of the largest publishers of mobile games, the fastest-growing segment of the interactive entertainment industry.

Headquartered in New York City, Take-Two Interactive is a leading developer, publisher and marketer of interactive entertainment for consumers around the globe.

Zynga is a global leader in interactive entertainment with a diverse portfolio of popular game franchises that have been downloaded more than four billion times on mobile.

Willkie previously represented Take-Two in its acquisition of mobile game developer Playdots, the launch of NBA 2K eLeague, and its acquisitions of simulation game Kerbal Space Program and mobile game developer Social Point.

The Willkie team was led by corporate partners Adam Turteltaub and Sean Ewen, finance partner Andres Mena, intellectual property partner Matthew Makover, executive compensation & employee benefits partners Geri Anne McEvoy and Isabel Araujo, and antitrust partner Rahul Saha.