Square Enix sells development studios and IPs for Tomb Raider, Deus Ex to Embracer

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Swedish video games publisher Embracer announced Monday that it has acquired three development studios responsible for hit games like Tomb Raider and Deus Ex from Japanese publisher Square Enix.

The acquisition of three North American studios Crystal Dynamics, Eidos-Montreal and Square Enix Montreal totaled US$300 million (around Rs.2,295 billion) and will affect around 1,100 employees, Embracer said in a statement.

It also included intellectual property (IPs) for several best-selling franchises, such as Tomb Raider, starring British adventurer-archaeologist Lara Croft, who has been an iconic video game character since her debut in 1996.

“We are very pleased to welcome these studios to the Embracer Group. We recognize the fantastic intellectual property, world-class creative talent and outstanding track record that has been consistently demonstrated over the past few decades,” Lars Wingefors, co-founder and CEO of Embracer, said in a statement.

Other well-known IPs included in the deal included sci-fi RPG Deus Ex and Thief, which requires players to focus on stealth while donning the robes of a master thief.

The purchase is subject to regulatory approval and is expected to close between July and September, the group said.

Upon completion of the transaction, Embracer, which has been on an acquisition spree for several years, will have more than 14,000 employees and 124 in-house game development studios.

Embracer also noted that it “sees an opportunity to invest in franchises like Tom Raider, Deus Ex, as well as the additionally acquired IPs like Legacy of Kain, Thief, and other original franchises. The acquisition also includes the continued sale and operation of the studios’ 50+ back catalog games.”

Embracer, formerly known as THQ Nordic, is based in the city of Karlstad in western Sweden.

In a separate statement, Square Enix said “the move is based on the business structure optimization policy” it outlined in its “mid-term business strategy” announced in May 2021.




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