Embracer Group Reaches Deal to Acquire Eidos, Crystal Dynamics and Square Enix Montreal for $300 Million


Embracer Group has reached an agreement to acquire Crystal Dynamics, Eidos-Montreal, Square Enix Montreal, and an “IP catalog including Tomb Raider, Deus Ex, Thief, Legacy of Kain and more than 50 back-catalog games from Square Enix Holdings” for $300 million.

Embracer shared the news in a Press release, claiming that this acquisition includes approximately 1,100 employees across three studios and eight global locations. The deal, if completed, is expected to close in the second quarter of Embracer’s 2022/2023 fiscal year.

“We are thrilled to welcome these studios to the Embracer group. We recognize the fantastic intellectual property, world-class creative talent and track record of excellence that have been demonstrated time and time again over the past decades. It was a great pleasure to meet with the leadership teams and discuss future plans on how they can achieve their ambitions and become a big part of Embracer,” said Lars Wingefors, Co-Founder and CEO of Embracer Group.

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

Once this agreement is concluded, Embracer will have more than 14,000 employees, 10,000 game developers and 124 internal studios. He also confirmed that he has over 230 games in development at those studios, and over 30 are AAA titles.

This news comes shortly after Crystal Dynamics announced that it was developing an all-new Tomb Raider game on Unreal Engine 5. No further details were given, but the team said they plan to “push back limits of fidelity”.

Crystal Dynamics is also the studio behind Marvel’s Avengers and it helped Microsoft’s The Initiative develop the new Perfect Dark game.

Eidos Montreal is the studio behind Thief 4, Deus Ex Human Revolution, Shadow of the Tomb Raider, and more, and it’s “working on a slew of AAA projects, including new releases from beloved franchises and IP original”.

Square Enix Montreal is responsible for games such as Hitman GO, Tomb Raider GO and Deus Ex GO, and will continue to work in AAA IP-based mobile space-building games.

Embracer is no stranger to acquisitions, as it has expanded rapidly over the past few years. Some of the other companies it has acquired/owned are Dark Horse Comics, 3D Realms, Ghost Ship Games, Gearbox, THQ Nordic, Saber Interactive, Koch Media and many more.

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Adam Bankhurst is a reporter for IGN. You can follow him on Twitter @AdamBankhurst and on Tic.


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