(Rejected) Square Enix Sells Tomb Raider to Embracer Group to Invest in Blockchain

Japanese video game publisher Square Enix has sold the "Tomb Raider" game franchise to Swedish game holding Embracer Group for $300 million, CNBC reported on May 3.

The $300 million acquisition also includes its three SE overseas studios, Crystal Dynamics, Eidos Montreal and Square Enix Montreal.

In addition to this, the Embracer Group includes the intellectual property rights for the three-game series Deux Ex, Thief and Legacy of Kain.

The deal is expected to close by the end of September.

Square Enix said the sale of Tomb Raider, one of the most famous video game franchises, was aimed at reducing costs in the current competitive global environment, while restructuring and focusing investment in new technologies such as blockchain.

Piers Harding-Rolls, director of games research at Ampere Analysis, said: "It has struggled to get consistent commercial success out of those studios, and it wants to build a leaner organization with a more compelling growth and profit story for its shareholders."