Crimson Desert Developers Sold EVE Online to CCP Games Management After Eight Years

South Korean studio Pearl Abyss is reducing its international assets.

Pearl Abyss has agreed to sell CCP Games to the studio's current management, led by CEO Hilmar Veigar Pétursson, for $120 million.

In a statement to Korean media outlet Inven Global, a Pearl Abyss representative explained:

"While both companies aimed to strengthen global business competitiveness based on independent management principles, after considering mid-to-long-term growth strategies, we determined that selling to the current management would be beneficial for both companies. We leave open the possibility of future cooperation after the sale. The price was objectively determined considering CCP Games' current business structure and market conditions. Although the acquisition at the time was a reasonable strategic decision to secure global IPs and diversify the portfolio, the global gaming business environment and our company's strategic priorities have significantly changed since then."

Pearl Abyss Representative

Recall that Pearl Abyss acquired CCP Games on September 6, 2018, for $225 million plus up to $200 million in performance-based earn-outs. Apparently, these earn-outs never materialized, as the studio suffered operating losses for many years.

EVE Online continues to generate stable revenue, but CCP's other projects have not met expectations. Over the years, the studio has launched, closed, and relaunched several games, including Dust 514, EVE: Valkyrie, Project Nova, and more. New projects like EVE Frontier and the Vanguard shooter also have not yet shown outstanding results.

Now CCP will be able to plan its development without external oversight, and Pearl Abyss will get rid of an unsuccessful investment asset and reallocate resources to other projects.