Square Enix Says Embracer Sale Will Help Fund Its Blockchain Investment
Posted On May 2, 2022
Square Enix has shed more light on its decision to sell its Western game development studios and IPs to Embracer Group, as the Japanese company says the deal will further help it invest in the blockchain and other technologies.
The deal–which is valued at $300 million–will see Crystal Dynamics, Eidos-Montreal, and Square Enix Montreal join Embracer Group’s portfolio of studios, as well. IPs in the sale include Tomb Raider, Deux Ex, and Legacy of Kain, among others.
“The transaction will assist the company in adapting to the changes underway in the global business environment by establishing a more efficient allocation of resources, which will enhance corporate value by accelerating growth in the company’s core businesses in the digital entertainment domain,” Square Enix said in an official statement via Business Wire.
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Author: Darryn Bonthuys