May 2 (UPI) -- Embracer Group is acquiring video game development studios Crystal Dynamics, Eidos-Montreal and Square Enix Montreal from Square Enix alongside a catalog of intellectual properties that includes Tomb Raider, Deus Ex and Thief.
Embracer Group is paying $300 million for the studios and the associated IPs on a "cash and debt-free basis, to be paid in full at closing," according to the Sweden-based company.
The acquisition includes about 1,100 employees across three studios and eight global locations. If it goes through, the deal is expected to close during the second quarter of Embracer's 2022-23 financial year.
"We are thrilled to welcome these studios into the Embracer Group," Lars Wingefors, co-founder and CEO of Embracer Group, said in a news release Monday. "We recognize the fantastic IP, 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."
Once the agreement is finalized, Embracer will have more than 14,000 employees, 10,000 game developers and 124 internal studios.
The agreement comes about a month after Crystal Dynamics announced it was developing a brand-new Tomb Raider game on Unreal Engine 5.
Crystal Dynamics also is the studio behind Marvel's Avengers, and it has been helping Microsoft's The Initiative develop the new Perfect Dark title.
Eidos Montreal, meanwhile, is the studio behind Thief 4, Deus Ex Human Revolution and Shadow of the Tomb Raider, among others. Square Enix Montreal is responsible for games like Hitman Go, Tomb Raider Go and Deus Ex Go, and it will continue to focus on mobile games.
Embracer has been undergoing a rapid expansion in recent years and currently owns Gearbox, THQ Nordic, Saber Interactive, Dark Horse Comics and 3D Realms.
