Embracer Group Enters Agreement to Acquire Eidos, Crystal Dynamics, and Square Enix Montreal for $300 Million

Embracer Group has entered into an agreement to acquire Crystal Dynamics, Eidos-Montréal, Square Enix Montréal, and a “catalogue of IPs including Tomb Raider, Deus Ex, Thief, Legacy of Kain and more than 50 back-catalogue games from Square Enix Holdings for $300 million.

Embracer shared the news in a press release, saying this acquisition includes roughly 1,100 employees across three studios and eight global locations. The deal, if it goes through, is expected to close during Q2 of Embracer’s financial year 2022/2023.

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

“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,” says Phil Rogers, Square Enix America and Europe CEO.

Once this deal goes through, Embracer will have more than 14,000 employees, 10,000 game developers, and 124 internal studios. It also confirmed it has more than 230 games in development at those studios, and more than 30 are AAA titles.

This news comes shortly after Crystal Dynamics announced it was developing a brand-new Tomb Raider game on Unreal Engine 5. No further details were given, but the team did say it was planning to “push the envelope of fidelity.”

Crystal Dynamics is also the studio behind Marvel’s Avengers and it has been helping Microsoft’s The Initiative develop the new Perfect Dark game.

Eidos Montréal is the studio behind Thief 4, Deus Ex Human Revolution, Shadow of the Tomb Raider, and more, and it is “working on a host of AAA projects including both new releases from beloved franchises and original IP.”

Square Enix Montréal is responsible for such games as Hitman GO, Tomb Raider GO, and Deus Ex GO, and it will continue to work in the mobile space building games based on AAA IP.

Embracer is no stranger to acquisitions, as it has been undergoing a rapid expansion over the past few years. Some of the other companies it has acquired/owns are Dark Horse Comics, 3D Realms, Ghost Ship Games, Gearbox, THQ Nordic, Saber Interactive, Koch Media, and many more.

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Adam Bankhurst is a news writer for IGN. You can follow him on Twitter @AdamBankhurst and on Twitch.

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