December 15, 2021 – It was announced today that Embracer Group intends to make a strategic acquisition of leading board gaming group Asmodee for €2.75 billion. The massive board game behemoth would form their ninth operating group joining THQ Nordic GmbH, Koch Media GmbH/Deep Silver, Coffee Stain AB, Amplifier Game Invest AB, Saber Interactive, DECA Games, Gearbox Entertainment and Easybrain.

The main rationale is that this acquisition would move Embracer towards becoming a leading independent global gaming eco-system and becoming Europe’s largest gaming group.

Asmodee’s CEO Stéphane Carville together with his management team would continue to lead the new operating group. Asmodee would continue to operate as before the transaction with no reorganization expected driven by the transaction.

If the acquisition is eventually completed, it would mark a strategic step broadening the Embracer Group ecosystem, since Asmodee and Embracer share a natural and strong bond in their strategy and cultures.

It was announced on September 23, 2021, that Asmodee was commissioning Goldman Sachs to put the company on sale for 2 billion euros and help them find a buyer. After a short three months, it looks like that process is just about complete.

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The combined new group would on pro forma basis have more than 11,300 employees and contracted employees across more than 50 countries. The new group would have 108 own game development studios and more than 560 owned IPs and brands.

The specific key rationale behind the move:

  • Establishes an important market leading position in board games, a category that is highly complementary to PC, console, VR and mobile games and with appealing long term organic growth outlook.
  • Offers the opportunity to cross-fertilise IP and strengthen licensing partnerships across PC, console, VR, mobile, board and trading card games.
  • Strong foundation for the future development of transmedia IPs.
  • Ability to leverage the omni-channel distribution network to drive efficiencies across existing and new markets.
  • Providing a proven platform for value-accretive M&A, complemented by a sizeable funnel for future opportunities within board games, trading card games & collectables.
  • Shared strong cultural fit, with a similar integrated model operating across the value chain, from IP through to publishing and distribution.
  • Enhancing the new Group’s strong financial profile, with added diversity, predictability, resilience, and immediate accretion to adjusted earnings per share and free cash flow per share.


What do you think of the move that the Swedish Game development and publishing Group buys Asmodee For €2.75 Billion? Let us know in the comments below!