Take-Two Interactive Software has announced that it will acquire Gearbox Entertainment from Embracer Group for $460 Million.

In this acquisition, Take-Two will also acquire the studio’s IP portfolio, including Borderlands, Tiny Tina’s Wonderlands, Duke Nukem, and much more. Future IP projects are included in this acquisition. Embracer will retain rights to publishing rights to Remnant, Hyper Light Breaker, and more.

At the moment, the studio has six “key interactive entertainment projects” that are in development. Out of the six, five are sequels, two of which are from the Borderlands and Homeworld. The sixth is a new IP.

Strauss Zelnick, Chairman and CEO of Take-Two, says that “Our acquisition of Gearbox is an exciting moment for Take-Two and will strengthen our industry-leading creative talent and portfolio of owned intellectual property, including the iconic Borderlands franchise. This combination enhances the financial profile of our existing projects with Gearbox and unlocks the opportunity for us to drive increased long-term growth by leveraging the full resources of Take-Two across all of Gearbox’s exciting initiatives”

Founder and CEO Randy Pitchford will continue to lead the studio within 2K along with his management team.