Thirteen years after acquiring Eidos Interactive, Square Enix has divested itself of the development group, along with several key franchises including Tomb Raider, Deus Ex, Thief, and Legacy of Kain. The new owner: Embracer Group, which is already the parent company of THQ Nordic, Gearbox, and Saber Interactive, with a total of 111 studios under its umbrella.
Despite the high profile of some of the Eidos Interactive franchises, its sale price is modest when compared to the eye-watering figures that Microsoft and Sony have recently spent on Activision Blizzard and Bungie respectively. The deal will see Embracer acquire Crystal Dynamics, Eidos-Montréal, and Square Enix Montréal for approximately $300 million US. The deal is expected to close between July and September this year.
Most recently, the Eidos studios have moved away from their original IPs. Eidos-Montréal handled Guardians of the Galaxy, while Crystal Dynamics was responsible for Marvel’s Avengers and is currently assisting Microsoft studio The Initiative with Perfect Dark (though it is also working on a new Tomb Raider).
Despite dropping its Western internal studios, Square Enix retains its publishing branch and ownership of several externally developed franchises, including Just Cause, Outriders, and Life is Strange.
In the press release announcing the news, Square Enix indicates that the sale “enables the launch of new businesses by moving forward with investments in fields including blockchain, AI, and the cloud.”