Square Enix sells off 3 major Western studios to Embracer

Shadow of the Tomb Raider

Square Enix plans to sell three of its major Western game studios and associated video game properties to the Embracer Group. The sale is estimated to be around US$300 million. Following regulatory approvals, it's expected to be finalized between July and September this year.

Embracer will acquire Crystal Dynamics, Eidos-Montreal, and Square Enix Montreal, amounting to "1,100 employees across three studios and eight global locations." This acquisition means the company will be the steward of titles like Tomb Raider, Deus Ex, Legacy of Kain, and Thief. They will continue the sales and operations of the studios' over 50 back-catalogue games.

The Verge noted that Embracer is a massive publishing group operating over 100 studios, including Borderlands developer Gearbox, THQ Nordic, and Saber Interactive. It also owns comics and entertainment brand Dark Horse. This deal with Square Enix will bring them to 124 internal studios and 14,000 employees.