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Embracer Group, a Swedish video game holding company, has sold Saber Interactive for $247 million, less than half of their planned sale. Early in March, it was leaked that Embracer planned to sell off Saber for $500 million.
Embracer’s initial acquisition of Saber in 2020 cost them $525 million.
Selected assets have been divested from Saber to Beacon Interactive. Beacon is a new company founded by one of Saber’s cofounders, Matthew Karch.
This move results in Embracer ceasing all operations in Russia, in line with a decision made by the Embracer board previously.
The company’s CEO, Lars Wingefors, made a statement on the sale. “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.
Ongoing restructuring
“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,” finished Wingefors. Embracer previously announced an ongoing restructuring effort aimed at reducing its debt.
Matthew Karch also spoke about the transaction. “This divestment leaves both parties in much better positions to grow our respective businesses. I will continue to remain a large, long-term shareholder of Embracer and we will remain partners on several ongoing and future projects. This transaction also safeguards the livelihoods of hundreds of professionals, many of whom I have worked with for over two decades.”
Beacon will retain several studios that were part of Saber, including Fractured Byte, creators of Brothers: A Tale of Two Sons, Biomutant, and classic skateboard games Tony Hawk’s Pro Skater 1 & 2.
The Swedish company retains control of multiple studios as well as several titles already in development. 4a Games, creators of Metro Exodus, are amongst the studios staying with Embracer.
Featured image credit: Fractured Byte
