The week is off to an insane start as Embracer Group has announced that they’re closing a deal to acquire several of Square Enix’s key studios, including Crystal Dynamics and Eidos Montreal, for USD $300 Million. 

As of writing, big-name IPs confirmed to be part of this deal are Tomb Raider, Deus Ex, Legacy of Kain, and Thief. This includes over 1,100 staff, and the press release from Embracer Group mentions over 50 back catalogue games they’ll continue to publish from the Square Enix back catalogue. 

“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,” said Lars Wingefors, Co-founder and Group CEO, Embracer Group.

And Phil Rogers, Square Enix America and Europe CEO said this:

“Embracer is the best kept secret in gaming: a massive, decentralized collection of entrepreneurs whom we are thrilled to become a part of today. 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.”

We’re waiting to hear some IPs are 100% part of this deal, including Soul Reaver and GEX.

Marvel’s Avengers was the last game released by Crystal Dynamics, and Marvel’s Guardians of the Galaxy was the last game released by Eidos Montreal. 

Embracer Group bought Gearbox Entertainment last year and has Koch Media, Saber Interactive, THQ Nordic and more under their umbrella. 

In its own press release, Square Enix explains their reason for selling these studios and IP as follows:

“The Transaction will assist the Company in adapting to the changes underway in the global business environment by establishing a more efficient allocation of resources, which will enhance corporate value by accelerating growth in the Company’s core businesses in the digital entertainment domain. In addition, the Transaction enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.”

Make of that what you will…