Swedish Embracer Group AB has announced that it has reached an agreement to acquire development studios Crystal Dynamics, Eidos-Montreal, Square Enix Montreal and a catalog of intellectual properties (IP) including Tomb Raider, Deus Ex, Thief, Legacy of Kain and over 50 back catalog games from Square Enix Holdings. The acquisition includes approximately 1,100 employees across eight sites.

The aggregate purchase price is US$300 million, free of cash and debt, payable in full at closing. As usual, the transaction is subject to various regulatory and other external approvals and is expected to close in the second quarter of Embracer’s current fiscal year (July-September 2022).

“We are delighted to welcome these studios to the Embracer group. We recognize the fantastic intellectual property, world-class creative talent and track record of excellence that have been demonstrated time and time again over the past decades. It was a great pleasure to meet with the leadership teams and discuss future plans on how they can realize their ambitions and become a big part of Embracer,” said Lars Wingefors, Co-Founder and Managing Director of Embracer Group.

The transaction includes two of the most highly regarded art and animation (AAA) studios in the industry: Crystal Dynamics and Eidos Montreal, with a unique ability to produce blockbuster hits. The acquisition builds on Embracer’s mission to create a leading independent global gaming and entertainment ecosystem.

US-based Crystal Dynamics has nearly 300 employees across three locations. It is committed to creating story-driven AAA action-adventure games. Previous releases include Rise of the Tomb Raider and Legacy of Kain Defiance. The studio is actively working on several AAA projects, including the upcoming main game Tomb Raider.

Eidos Montreal has nearly 500 employees spread over three sites in Montreal, Sherbrooke and Shanghai, China. The studio focuses on experiences with unique stories and strong characters in the action-adventure and RPG genres. Its previous releases include Thief 4, Deus Ex Human Revolution, and Shadow of the Tomb Raider.

Square Enix Montreal has nearly 150 employees spread across its Montreal and London locations in the United Kingdom. Its main goal is to create mobile games that gamers will want to come back to for years to come. The studio has a unique talent for creating mobile experiences based on traditionally PC/Console IPs.