Last month, Microsoft insider Brad Sams teased that the company was looking to make some more big acquisitions in 2021. Sams stopped short of revealing what those acquisitions would be, but apparently one possibility was Microsoft acquiring Gearbox Software. However, it seems as though Microsoft passed on acquiring the Borderlands developer (or failed to outbid Embracer Group), as Gearbox has been acquired by Embracer Group.
Sams reacted to the Gearbox Software acquisition news by stating that he believes Microsoft "looked at" acquiring Gearbox, and that was indeed one of the companies that he was teasing. Considering the popularity of the Borderlands franchise, Microsoft acquiring Gearbox Software would have been huge news, and certainly would've lived up to the expectations set for Microsoft acquisitions by rumormongers as of late. Unfortunately, it's unclear at this point why the potential Microsoft/Gearbox Software deal didn't go through, so fans will have to standby for more details.
Microsoft has made some aggressive moves in recent years to build up its roster of first-party studios and library of exclusive games. It has mainly accomplished this through studio acquisitions, with the most high profile so far easily being its pending acquisition of ZeniMax Media, which includes Bethesda, its associated development studios, and all of its games. A Microsoft acquisition of Gearbox Software wouldn't have been quite as big, but it would have seen the company gain control of one of gaming's most popular IPs in Borderlands, not to mention other franchises like Brothers in Arms and Duke Nukem.
While Microsoft didn't acquire Gearbox Software, had it done so, it would have been interesting to see what changes would've been made at the studio. For the most part, it seems Microsoft mainly leaves the studios it acquires alone, allowing them to continue developing games, but usually as exclusives for PC and Xbox platforms. However, the Gearbox deal with Embracer is seeing the Borderlands franchise still published by 2K Games, so one has to wonder if that would have been the case had Microsoft acquired the studio as well.
In the meantime, it remains to be seen what other big studio acquisitions Microsoft has up its sleeve for 2021. Reliable insiders have suggested that more Bethesda-level acquisitions are taking place this year, some of which will get Microsoft exclusive rights over major games. The possibilities are nearly endless at this point, so Xbox fans will just need to keep an eye out for more information.