Embracer Group announced the sale of two more teams — Arc Games and Cryptic Studios
The new owner has become the young company Project Golden Arc, founded by the leaders of Arc Games.
Remnant: From the Ashes
According to Embracer Group, the deal was financed by China's XD. The exact amount transferred is not disclosed, but it is known that Embracer Group plans to earn $30 million from the sale. This is the net revenue after deducting all expenses associated with the divestiture.
Notably, under the terms of the agreement, some assets of Arc Games and Cryptic Studios will remain with Embracer Group. The rights to the Remnant franchise will transfer to THQ Nordic, while the rights to Fellowship will go to Coffee Stain Group.
Recall that Arc Games is the former Perfect World Entertainment Publishing (also known as Gearbox Publishing San Francisco), which previously released the aforementioned Fellowship and Remnant, as well as the Torchlight series, Have a Nice Death, and several other games. As for Cryptic Studios, it is primarily known for developing Star Trek Online, Neverwinter, and Champions Online.
Both teams joined Embracer Group in 2021 when the holding company acquired the American subsidiary of Perfect World for $125 million.