Square Enix and Embracer Group have entered into an agreement for the former to sell off a number of development studios and intellectual properties to the latter for only $300 million. That includes the likes of Marvel’s Avengers developer Crystal Dynamics and Marvel’s Guardians of the Galaxy developer Eidos-Montreal as well as IPs like Tomb Raider, Deus Ex, Thief, Legacy of Kain, and more. While still subject to regulatory approvals and the like, the expectation is that the deal will close between July and September 2022.
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“We are thrilled to welcome these studios into the Embracer Group,” said Lars Wingefors, Co-founder and Group CEO, Embracer Group, as part of the announcement. “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.”
In addition to the noted companies and IPs above, Square Enix Montreal is also part of this sale under the Eidos umbrella as the full Eidos Interactive Corp. is being acquired by Embracer Group. The acquisition also includes over 50 back-catalog games, though these have not been individually described. In total, the deal will bring roughly 1,100 more employees under Embracer Group spread across three studios and eight locations.
“Embracer is the best kept secret in gaming: a massive, decentralized collection of entrepreneurs whom we are thrilled to become a part of today,” said Phil Rogers, Square Enix America and Europe CEO, as part of the same announcement. “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.”
What do you think about Square Enix agreeing to sell off the above studios and IP to Embracer Group? Are you excited to see what sorts of projects the developers might get involved in under new management should the deal close? Let us know in the comments, or feel free to reach out and hit me up directly over on Twitter at @rollinbishop in order to talk about all things gaming!
