Video game publisher Embracer announced the sale of Saber Interactive and other portions of the company earlier today.
On Thursday, Embracer Group confirmed that the company has sold a large portion of Saber Interactive for $247 million and will cease all operations in Russia. Beacon Interactive, a company controlled by Matthew Karch, the co-founder of Saber Interactive has bought them through a group of private investors. After the deal, Beacon will acquire nearly 3,000 employees and 38 projects from Embracer.
Embracer announced that the company sold all of the Saber Interactive-branded studios, including New World Interactive, Nimble Giant Entertainment, 3D Realms, Mad Head Games, Fractured Byte, Sandbox Strategies, and Slipgate Ironworks.
According to the announcement, Embracer will retain Aspyr, TripWire, Beamdog, Tuxedo Labs, Demiurge, Shiver, Snapshot Games, and 34 Big Things. Furthermore, the company will continue working with 4A Games and Zen Studios for now, as Saber plans to acquire them in the future.
Embracer CEO Lars Wingefors said in a statement,
I am pleased that we have found a win-win solution for Embracer and the parts of Saber that now will leave us. This transaction puts both companies in a stronger position to thrive going forward.
Embracer is now able to discontinue all operations in Russia, according to a previous board decision, while safeguarding many developer jobs under new independent ownership. At the same time, we keep key companies, valuable IPs and future publishing rights.
Cash flow is immediately improved, and we remain committed to reducing net debt. The transaction yields additional headroom to amortize debt in accordance with existing bank agreements and will improve financial flexibility.
This is the first transaction of the previously mentioned structured processes and marks a small but important step in our journey to transform Embracer into the future for the benefit of all employees, gamers, and shareholders.
Embracer CEO Lars Wingefors on the sale of Saber
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