The publisher previously attracted buyout interest from several private equity firms, including KKR & Co. and Blackstone.
Embracer Group will receive some high-profile IP, including Deus Ex, Tomb Raider, and Thief, as part of the $300m deal.
The Tiny Tina's Wonderlands co-developer will "[work] in tandem with Gearbox on full development projects."
The studio's three purchases give it access to several midcore mobile sectors.
It's the largest deal in the history of the games industry, and will no doubt have a monumental impact. GameDaily reached out to several analysts for input on what it means for the future of games.
Over a thousand private placements, mergers, and acquisitions took place last year, with a total value of $85 billion.