Square Enix to sell Tomb Raider, Deus Ex studios to Embracer

            Square Enix has sold three of its overseas game development studios, along with their associated intellectual property, to the Embracer Group, the Swedish media and games holding company that owns publishers like Koch Media, Gearbox Entertainment, Saber Interactive, and others. The deal is for $300 million USD in cash, and includes the acquisition of the studios behind Tomb Raider and Deus Ex, and about 1,100 employees at eight worldwide locations.

In its press release on the deal, Square Enix says the sale will “assist the company in adapting to the changes underway in the global business environment” and will enable “the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.”

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Embracer Group co-founder and CEO Lars Wingefors says the company is “thrilled” by the acquisition of Crystal Dynamics, Eidos-Montreal, and Square Enix Montreal. “We recognise the fantastic IP, world class creative talent, and track record of excellence that have been demonstrated time and again over the past decades,” he said in a company press release.

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