Embracer Group acquires Eidos, Crystal Dynamics, and Square Enix Montreal for $300 million

Sweden based video game holding company Embracer announced Monday that it is to acquire the development studios Crystal Dynamics, Eidos-Montréal, Square Enix Montréal, and a catalogue of IPs including Tomb Raider, Deus Ex, Thief, Legacy of Kain and more than 50 back-catalogue games from Square Enix.

The acquisition includes a total of approximately 1,100 employees across three studios and eight global locations. For the acquisition, Embracer Group will pay $300 million on a cash and debt free basis. 

”We are thrilled to welcome these studios into the Embracer Group. We recognize the fantastic IP, world class creative talent, and track record of excellence that have been demonstrated time and again over the past decades. It has been a great pleasure meeting the leadership teams and discussing future plans for how they can realize their ambitions and become a great part of Embracer,” says Lars Wingefors, Co-founder and Group CEO, Embracer Group.

The deal is expected to close in the second quarter.

Embracer says the two original IPs it will acquire, Tomb Raider and Deus Ex, have sold AAA units of ~88M and ~12M, respectively. 

After closing the deal, the US will be Embracer’s biggest country by number of game developers and Canada will be the second one. In total, post pending closings, Embracer will have more than 14,000 employees, 10,000 engaged game developers, and 124 internal studios.

In February 2021, Embracer merged with Cyprus-headquartered mobile game developer Easybrain in a $765 million deal of which $125 million would be paid based on performance targets. 

”Embracer is the best kept secret in gaming: a massive, decentralized collection of entrepreneurs whom we are thrilled to become a part of today. It is the perfect fit for our ambitions: make high-quality games, with great people, sustainably, and grow our existing franchises to their best versions ever. Embracer allows us to forge new partnerships across all media to maximize our franchises’ potential and live our dreams of making extraordinary entertainment,” says Phil Rogers, Square Enix America and Europe CEO.

Written by Jordan Bevan


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