Japanese game developer Square Enix has struck a $300 million acquisition deal with Swedish publishing group ‘Embracer’ (previously known as TDQ Nordic) to sell three of its game development studios, Eidos Interactive, Crystal Dynamics and Square Enix Montreal.
As part of the deal, Embracer will acquire the intellectual property for Tomb Raider, Deus Ex, Thief and the Legacy of Kain as well as their developers, Crystal Dynamics and the Guardians of the Galaxy maker Eidos Montréal.
The deal is part of Square Enix’s attempt to deal with a “challenging global business environment” and invest in new technologies like the blockchain. In a statement announcing the news, Square Enix says the deal with Embracer will “enable the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.”
The Swedish media giant, Embracer Group, has been buying up games and other companies for years, including THQ Nordic, Koch Media, Gearbox Entertainment, and many smaller studios. The deal is expected to be finalized by the end of September.
‘Going forward, the company’s development function will comprise its studios in Japan, Square Enix External Studios, and Square Enix Collective’, the company said. Square Enix will also continue to publish titles from other international franchises, including Just Cause, Outriders and Life is Strange.
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