Arc Games And Cryptic Studios Divestment Embracer Group Worth IDR 499 Billion

Photo: Embracer group

Jakarta - Group AB (Embracer) announced that it has reached a definitive agreement to sell publisher Arc Games and developer's studio Cryptic Studios to Project Golden Arc, Inc., with financing from XD Inc.

The net cash yield expected from this transaction reached 30 million US dollars or equivalent to IDR 499 billion. This divestment is part of Embracer's strategy to refocus their strategic asset portfolio and core IP.

"This transaction supports our top priority by strengthening our focus on strategic assets and core IPs in Embracer while increasing profitability and free cash flow," said Embracer CEO Phil Rogers, in his official announcement.

Project Golden Arc is led by the management of Arc Games and received funding from XD Inc. Arc Games itself is known through Star Trek Online, Neverwinter, and the Remnant franchise.

Despite selling Arc and Cryptic, Embracer still retains two important assets, namely:

Embracer expressed his appreciation to Arc and Cryptic teams and hoped they would develop under the new owner. Transactions are targeted for completion after all conditions are met.