Take-Two Interactive has closed its $12.7bn business combination with Zynga in an agreement that it asserts will play a “pivotal” role in achieving significant growth moving forwards.

Upon the closing of the transaction, Zynga will be combined with Take-Two and its stockholders will be entitled to receive $3.50 in cash and 0.0406 shares of Take-Two common stock per share of Zynga common stock.

“We are excited for Zynga’s next-generation mobile platform, free-to-play expertise, diverse offering of games and incredible team to join the Take-Two family,” said Frank Gibeau, CEO of Zynga.

“We are eager to continue building an unparalleled portfolio of games that will reach broader markets and lead to continued growth for this next chapter of Zynga’s history.”

New York headquartered firm Take-Two first detailed its cash and stock transaction, with a total enterprise value of approximately $12.7bn, in January. 

“We are thrilled to complete our combination with Zynga, which is a pivotal step to increase exponentially our net bookings from mobile, the fastest-growing segment in interactive entertainment, while also providing us with substantial cost synergies and revenue opportunities,” explaiend Strauss Zelnick, Chair and CEO of Take-Two. 

“As we bring together our exceptional talent, exciting pipelines of games, and industry-leading technologies and capabilities, we believe that we can take our portfolio to another level of creativity, innovation, and quality. 

“Each of our teams has a strong history of operational execution, and together, we expect that we will enhance our financial profile through greater scale and profitability, paving the way for us to deliver strong shareholder value.”