Embracer Group selling off Arc Games and Cryptic Studios

Embracer Group have announced they're once again shrinking, after previously going on a crazy spending spree and then having to make lots of cuts. This time they've announced they're selling off Arc Games and Cryptic Studios which will both go to Project Golden Arc, Inc., with financing from XD Inc.

From the press release: "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. I would like to thank the teams at Arc and Cryptic for their hard work over the past four years and wish them all the best as we are confident they will thrive and develop in the years ahead,” says Phil Rogers, CEO of Embracer.

Pictured - Fellowship

Embracer will keep some of the rights including:

• The publishing rights for the Remnant franchise which will go to the Embracer-owned THQ Nordic.
• The rights to Fellowship will move to Coffee Stain which is being spun off from Embracer. Developer Chief Rebel will continue on with it.

The deal isn't done yet, and no date was mentioned on when they expect it to all finish, Embracer simply said "Closing of the transaction is expected to take place as soon as customary conditions are fulfilled".

Source: Embracer