Today it was announced that Square Enix has reached an agreement with Embracer Group to sell them Eidos Montreal, Crystal Dynamics, SE Montreal and their licenses for $300 million dollars, in a transaction that would be finalized for the period of July-September 2022. According to a statement, Square Enix looks to invest in blockchain, artificial intelligence and the cloud.
While Embracer Group claims to have acquired the studios and licenses to develop high-quality content single-player experiences, Square Enix’s intention with this deal is to raise funds to invest in blockchain, Artificial Intelligence and cloud technology, according to its statement. official.
Related: Square Enix president continues to show interest in NFTs and blockchain technologies.
A few months ago in its new year statement, Square Enix had revealed its interest in the blockchain, NFTs and the Metaverse, despite the dissatisfaction of its players. While other companies interested in these technologies backed down after receiving criticism from players as in the case of Team17, Square Enix is not backing down.
According to Square Enix, this transaction will give them an opportunity to better allocate their resources and henceforth game development will come from studios in Japan, external studios and Square Enix Collective. Although Square Enix is saying goodbye to almost all of its Western operation, it will continue to publish the Just Cause, Outriders, and Life is Strange franchises.