Grand Theft Auto video game-maker Take-Two Interactive said Monday it would buy Zynga for $11.04 billion in a cash-and-stock deal that will add popular mobile titles such as FarmVille under its umbrella as demand surges for on-the-go gaming.
The deal, the largest ever in the sector, will create a gaming powerhouse with a market cap of nearly $30 billion, spanning console, PC and mobile devices at a time that more people are gaming on their smartphones.
Take-Two, also known for adventure game Red Dead Redemption, offered $3.50 in cash and $6.361 in shares for each Zynga share, a 64% premium to the last closing price. Including debt, the acquisition is worth $12.7 billion.