Embracer Group has been going through a period of serious change, as following a whopping slate of acquisitions over the years, it has been selling off companies at a rapid rate since. On this topic, Embracer has now announced another sale, as two more companies are leaving its portfolio as they have been snapped up by someone else.
In a press release, it's affirmed that Embracer has sold both Neverwinter developer Cryptic Studios and Remnant: From the Ashes publisher Arc Games to Project Golden Arc. The sale is said to be valued at around $30 million, but there are some caveats to the deal.
For one, the publishing rights for Remnant: From the Ashes are not included, as these have been transferred to the Embracer-owned THQ Nordic, who already controls the Remnant IP rights and development led by Gunfire Games. Likewise, the multiplayer game Fellowship won't be leaving with Arc Games either, as the ownership is being transferred to Coffee Stain, who are themselves expected to spin off from Embracer soon.
Embracer CEO Phil Rogers commented on this sale: "This transaction supports our key priorities by strengthening our focus on strategic assets and core IPs in Embracer while improving profitability and free cash flow. The deal also allows online multiplayer game Fellowship, developed by a talented external team in Stockholm, to find a great home within Coffee Stain Group."
The deal is expected to be closed quickly, as soon as "customary conditions are fulfilled."