Embracer Group has shared a press release that can confirm it now officially owns Square Enix’s western studios. The studios include Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal, all of which Square Enix decided to part ways with earlier this year for reasons that include cannibalization of sales, according to earnings call highlights picked up by analysts earlier this month. It’s unclear what Eidos-Montréal’s first title might be under the Embracer umbrella, but Crystal Dynamics has already confirmed that it is working on a new Tomb Raider game that will leverage Unreal Engine 5.
EMBRACER GROUP COMPLETES ACQUISITION OF CRYSTAL DYNAMICS, EIDOS-MONTRÉAL, SQUARE ENIX MONTRÉAL AMONGST OTHER ASSETS
On 2 May 2022, Embracer Group AB (“Embracer”) entered into an agreement to acquire the development studios Crystal Dynamics, Eidos-Montréal, Square Enix Montréal, and a catalog of IPs including Tomb Raider, Deus Ex, Thief, Legacy of Kain and more than 50 back-catalog games from SQUARE ENIX HOLDINGS CO., LTD.
All conditions for the transaction, including regulatory approvals, have now been fulfilled and the transaction may be completed. Embracer has, therefore, today completed the acquisition.
The companies will form the 12th operative group under the leadership of Phil Rogers and his management teams.
Further information will be given by the companies and Embracer Group at a later date.
For further information on the transaction, reference is made to the press release announced on 2 May 2022 and the presentation about the transaction available at Embracer’s website.
Advisors
Juno Capital Partners acted as M&A and strategic advisor, Baker McKenzie acted as legal counsel and EY acted as financial and tax advisor to Embracer in the transaction.
Source: Embracer Group