Embracer Group buys Crystal Dynamics, Eidos-Montréal and Square Enix Montréal

Three of Square Enix’s development studios will be acquired by the Embracer Group holding company in a $300 million deal, as Embracer announced in a Press release. Phil Rogers, CEO of Square Enix America and Europe, was quoted as saying, “Embrace is gaming’s best kept secret: a massive, decentralized collection of entrepreneurs we’re excited to be a part of today.”

The three studios to be acquired are Crystal Dynamics, Eidos-Montréal and Square Enix Montréal. Crystal Dynamics is currently working on a Tomb Raider game using Unreal Engine 5while Eidos-Montréal was recently responsible for the surprisingly good Marvel’s Guardians of the Galaxy. Square Enix Montreal is known for mobile games and has created Hitman Go, Lara Croft Go and Deus Ex Go.

With these studios comes control of a catalog of games, including Tomb Raider, Deus Ex, Thief, and Legacy of Kain. As the press release notes, “the acquisition also includes the ongoing sales and operations of the studios’ more than 50 back catalog games.”

Embracer Group was originally Nordic Games, before acquiring several assets from THQ when that publisher went bankrupt and renamed itself THQ Nordic AB. After acquiring Koch Media and Deep Silver, followed by Coffee Stain and several others, it was renamed again as Embracer Group in 2019. It has been on an acquisition spree ever since, snapping up Saber Interactive, Gearbox, Aspyr Media, 3D Realms, Ghost Ship Games , Slipgate Ironworks, Perfect World (and its MMO development arm Cryptic Studios), Beamdog and Dark Horse Media, among others.

Square Enix has released its own Press release about the deal, noting that its remaining overseas studios will continue to publish any future games in the Just Cause, Outriders and Life is Strange series. He also said that this transaction “enables the launch of new businesses, advancing investments in fields such as blockchain, AI and cloud.”

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