Embracer Group to acquire Crystal Dynamics, Eidos-Montreal, Square Enix Montreal, and more for $300 million

Embracer Group, formerly known as THQ Nordic has plans to acquire several major studios including Crystal Dynamics, Eidos-Montreal, and Square Enix Montreal for $300 million. The company made an official announcement regarding the acquisition on its company website. On top of the developing studios, Embracer Group will own over 50 new IPs to add to its already extensive catalog. This includes Tomb Raider, Deus Ex, and Thief just to name a few.

“We are thrilled to welcome these studios into the Embracer Group,” says Lars Wingefors, co-founder and group CEO of 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.” Following the acquisition, Embracer Group will own 124 studios.

Square Enix released an Execution of Share Transfer Agreement regarding the transaction with Embracer Group sharing that decision behind selling the studios is to “enhance corporate value by accelerating growth in the Company’s core businesses in the digital entertainment domain.” The company also mentioned how the deal “enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.” Square Enix still retains the IP rights to Just Cause, Outriders, and Life is Strange which “overseas studios (America and Europe) will continue to publish.”

This acquisition will remove all western division studios under Square Enix’s umbrella so it will be interesting to see what comes of Square Enix’s American and European branches following the purchase. Crystal Dynamics is still currently working on Marvel’s Avengers but is also collaborating with The Initiative for Perfect Dark as well as recently announcing a new Tomb Raider title. Eidos-Montreal just launched Guardians of the Galaxy last year and Square Enix Montreal released Hitman Sniper: The Shadows in 2021 on mobile devices.

The acquisition is aimed to be finalized between July and September later this year.