Square Enix sells Tomb Raider studios as Embracer Group acquires a haul of video games
European game publisher Embracer Group acquires Crystal Dynamics, Eidos Montreal, and Square Enix Montreal as Square Enix sells Tomb Raider studios for an estimated $300 million. The acquisition is expected to be completed between July and September of this year, pending regulatory approvals.
All three studios were previously owned by Square Enix and contained rights to popular IPs such as Tomb Raider, Deus Ex, Legacy of Kain, as well as “over 50 games”. As Square Enix sells Tomb Raider studios, Embracer Group acquires their entire staff which total over 1,100 employees.
Over the last decade, Embracer has discreetly created its own portfolio of European studios. With over 100 studios, Embracer is already quite a large publishing company that includes Borderlands developer Gearbox Software, Saber Interactive, and Asmodee Games. They also own the Dark Horse comics and entertainment company. When the purchase with Square Enix is completed, Embracer will employ a total of 14,000 employees with 124 internal studios.
”We are thrilled to welcome these studios into the Embracer Group,” said co-founder and CEO Lars Wingefors as Square Enix sells Tomb Raider studios. “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.”
According to The Guardian, the massive gaming company has spent more than $8 billion USD on over 60 acquisitions since 2020. Previously known as THQ Nordic, Embracer spent over $1 billion each on Gearbox Software and Asmodee Games. Acquiring Crystal Dynamics, Eidos Montreal, and Square Enix Montreal for just $300 million seems like a steal.
After the announcement was made, Eidos Montreal confirmed that their next game will be set in the Deus Ex universe.