Square Enix are to sell most of their Western studios and intellectual property such as Tomb Raider, Deux Ex, Thief and Legacy Of Kain to Sweden’s Embracer Group for $300 million (£240 million) in cash, it has been announced. The studios being sold to Embracer include Crystal Dynamics, Eidos-Montréal and Square Enix Montréal, but not the UK-based Square Enix Collective. This means Square will retain publishing rights to IP including Life Is Strange, Just Cause and Outriders.
The deal transfers around 1,100 staff to Embracer and more than 50 ‘back-catalogue’ games. It’s expected to conclude sometime between July and September, in the second quarter of Embracer’s current financial year, subject to regulatory approvals. Embracer held an hour-long livestream to detail the announcement, which you can watch in full here. Compared to Microsoft’s billion-dollar buying splurge in recent years, Embracer have landed these AAA studios for cheap – they’re only paying the equivalent of 960,000,000 Freddos.
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