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Embracer Group announced today that it has reached an agreement with Square Enix to acquire Crystal Dynamics, Eidos-Montréal and Square Enix Montréal. Embracer will also receive key intellectual property rights from these companies, including Tomb Raider, Deus Ex, Thief, and Legacy of Kain.
The deal will cost Embracer $300 million. While that’s a lot of money, it’s significantly less than other recent blockbuster gaming deals. Sony is spending $3.6 billion on Bungie.
Embracer had been in the acquisition business long before big deals like Microsoft’s (and later Activision Blizzard’s) purchase of Bethesda made them an industry trend. The Swedish holding company owns other major gaming labels like Deep Silver, Saber Interactive, and THQ Nordic.
For Square Enix, this gives the Japanese publisher an opportunity to unburden its largest western studios. Square Enix has often vilified the releases of Crystal Dynamics and Eidos – like recent games Avengers and Guardians of the Galaxy – as a financial disappointment. This move allows Square Enix to invest more in technologies like blockchain, AI, and cloud gaming.
Embracer expects the deal, which includes about 1,100 employees, to close between July and September this year.
Crystal Dynamics is currently helping Microsoft develop its Perfect Dark reboot. It also makes a new Tomb Raider game.
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