Take-Two acquires Zynga for $11billion

Take-Two Interactive is buying “Farmville” creator Zynga in an $11.04 billion deal.

Take-Two is acquiring Zynga in a bid to tap into a surge in on-the-go gaming on smartphones.

Take-Two offered $9.86 per share, representing a 64% premium to the last closing price of Zynga.

The equity value of the deal is $11.04 billion, according to Reuters.

Take-Two expects about $100 million in annual cost savings within the first two years after completion, and more than $500 million in adjusted revenue over time.

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