Take-Two to buy Zynga for $11B to compete with EA

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The video game publisher Take-Two Interactive announced on Monday

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Take-Two will acquire competitor Zynga for $11 billion in order to expand its versatile portfolio of games. The takeover includes popular titles like Grand Theft Auto and FarmVille

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Which will be quickly converting into mobile-friendly formats to meet the ever-growing demand for more affordable gaming options.

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The acquisition, one of the biggest to date in the gaming industry, increases its presence across all three major platforms.

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The skyrocketing popularity of smartphones (over traditional consoles & PCs) has opened up whole new opportunities for companies like this.

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Take-Two Interactive well known for the game Red Dead Redemption is acquiring indie game developer, Zynga.

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The offer price represents a 64% premium over the last closing price for Zynga shares. Including debt, the acquisition is worth $12.7 billion

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Take-Two Interactive has ventured into a new area of the gaming industry by purchasing Zynga, a company that develops mobile games.

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Take-Two Interactive is behind some of your favorite franchises, including Grand Theft Auto, Red Dead Redemption, Borderlands, and NBA 2K.

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Take-Two has no presence in the mobile market but it could benefit from doing so. Industry experts say that Take-Two cannot stand still when other rival companies are increasing

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Mobile gaming is set to grow rapidly in the next few years and will reach $116.4 billion by 2024, as it is expected to grow at an annual CAGR of 11.2%.