The Embracer Group has announced that it has agreed to acquire Crystal Dynamics, Eidos Montreal, and Square Enix Montreal from Square Enix, the deal is worth $300 million and will be paid in cash upon completion. The deal will include over several IP managed by the studios including Tomb Raider, Deus Ex, Thief, Legacy of Kain and more. It will also include rights to over 50 titles developed by the studios. The deal is expected to close between July and September 2022.

Square Enix has confirmed that it will continue to publish titles developed by Western studios like Just Cause, Life is Strange and Outriders. Square Enix will use the $300 million to invest in blockchain, AI and cloud-based technologies. It will also increase investment in its Japanese based studios. Financial reports from Square Enix also revealed that Eidos Montreal and Crystal Dynamics weren’t doing well over the last few years and Crystal Dynamics in particular have a high operating expense.

It also appears that the Embracer Group will be taking all debt from these studios as part of the deal but this has yet to be confirmed.

Here’s what Lars Wingefors, CEO of the Embracer Group, had to say:

We are thrilled to welcome these studios into the Embracer Group. We recognize the fantastic intellectual property, world class creative talent, and track record of excellence that have been demonstrated time and again over the past decades. It has been a great pleasure meeting the leadership teams and discussing future plans for how they can realize their ambitions and become a great part of Embracer

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