Sweden’s Embracer Group AB has announced that it has entered into an agreement to acquire the development studios Crystal Dynamics, Eidos-Montreal, Square Enix Montreal, and a catalogue of intellectual properties (IP) including Tomb Raider, Deus Ex, Thief, Legacy of Kain and more than 50 back-catalogue games from Square Enix Holdings. The acquisition includes about 1,100 employees across eight locations.
The total purchase price amounts to US$300 million on a cash and debt free basis, to be paid in full at closing. As usual, the transaction is subject to various regulatory and other external approvals and is expected to close during the second quarter of Embracer’s current financial year (July-September 2022).
”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,” declared Lars Wingefors, co-founder and group chief executive officer, Embracer Group.
The transaction includes two of the most reputable art and animation (AAA) studios across the industry: Crystal Dynamics and Eidos Montreal, with a unique ability to deliver blockbuster hits. The acquisition builds on Embracer’s mission of creating a leading independent global gaming and entertainment ecosystem.
US-based Crystal Dynamics has almost 300 employees across three locations. It is committed to creating narrative-focused AAA action-adventure games. Prior releases include Rise of the Tomb Raider and Legacy of Kain Defiance. The studio is actively working on several AAA projects, including the next mainline Tomb Raider game.
Eidos Montreal consists of close to 500 employees across three locations in Montreal, Sherbrooke and Shanghai, China. The studio focuses on experiences with unique stories and strong characters within the action-adventure and RPG genres. Its prior releases include Thief 4, Deus Ex Human Revolution, and Shadow of the Tomb Raider.
Square Enix Montreal has almost 150 employees across its Montreal and London, UK locations. Its primary focus is on building mobile games that players will want to return to for years to come. The studio has a unique talent for creating mobile experiences based on traditionally PC/Console IPs.
