Square Enix sells Montreal’s studios to Sweden-based Embracer for $ 300 million
Square Enix sells Montreal-based studios Eidos Montreal and Square Enix Montreal and San Francisco-based Crystal Dynamics to Sweden’s Embracer Group for $ 300 million (approximately $ 386 million CAD).
The deal is expected to be completed between July and September and will affect 1,100 employees in the three studios. This acquisition means that the Embracer Group will own a comprehensive catalog of video game series, including Grave looters, Deus Ex, The legacy of Cain, Thief and “more than 50 catalog games.” Although this accounts for much of Square Enix’s western division, the company still owns Life is strange, Outriders and Just becauseas well as Japanese properties such as Final Fantasy and Dragon Quest.
“We are pleased to welcome these studios to the Embracer Group. We recognize the fantastic IP, world-class creative talent and track record of excellence that has been demonstrated time and time again in recent decades. It has been a great pleasure to meet leadership teams and discuss future plans for how they can realize their ambitions and become a big part of Embracer, says Lars Wingefors, co-founder and CEO of Embracer Group, in a press release. recent press release.
Eidos Montreal was last released Guardian of the Galaxy and has also been working on the latest posts in Deus Ex series. On the other hand, Square Enix Montreal has developed several critically acclaimed mobile titles, including Hitman Go, Lara Croft Go, and Deus Ex Go. Finally, Crystal Dynamics is best known for Grave looters series.
Embracer owns Gearbox Software, THQ Nordic, Koch Media, Deeper Silver and more. When the company’s acquisition of Square Enix closes, it will have more than 14,000 employees, 10,000 developers and 124 in-house studios.
Square Enix says the sale of these studios will allow the company to establish “a more efficient allocation of resources”, adding that they plan to launch “new businesses by continuing to invest in areas including blockchain, AI and the cloud.”
Image credit: Square Enix
Source: Embracer, Square Enix