Swedish holding company Embracer Group has announced the sale of two companies — publisher Arc Games (formerly Perfect World Entertainment and Gearbox Publishing San Francisco) and developer Cryptic Studios — to Project Golden Arc for $30 million.
Arc Games published Star Trek Online, Neverwinter, Remnant: From the Ashes, and other projects, while Cryptic Studios developed the same Star Trek Online and Neverwinter.
As part of the deal, Embracer will retain publishing rights to the Remnant franchise, while rights to the MMO Fellowship will be transferred to the internal division Coffee Stain Group.
This transaction marks another step in our efforts to streamline Embracer and focus on key strategic assets. The transaction will improve cash flow and reduce net debt.
Both companies were acquired by Embracer in 2021 as part of a massive wave of acquisitions. However, after the failure of a $2 billion deal (reportedly with Saudi Arabia's Savvy Games), the holding was forced to begin a radical restructuring in 2023.