Embracer Group has officially confirmed that Saber Interactive has been sold for $247 million, following news yesterday that the studio has removed all references to the mega-publisher from its official website.
Speaking in a statement to investors today, Embracer Group confirmed that the sale has resulted in the company ceasing all operations in Russia, with Saber Interactive being sold to a group of private investors at Beacon Interactive, which is helmed by Matthew Karch, the co-founder of Saber Interactive.
Related Content — Upcoming PS5 Games 2024: The Best PS5 Games Coming Soon
As a result of the sale, Saber Interactive will retain a number of studios including Nimble Giant, 3D Realms, Sandbox Strategies, New World Interactive, and Slippage Ironworks. Embracer, meanwhile, keeps Zen Studios, 4A Games, Tripwire, Beamdog, and Tuxedo Labs among others.
Lars Wingefors, CEO of Embracer Group, commented:
I am pleased that we have found a win-win solution for Embracer and the parts of Saber that now will leave us. This transaction puts both companies in a stronger position to thrive going forward. Embracer is now able to discontinue all operations in Russia, according to a previous board decision, while safeguarding many developer jobs under new independent ownership. At the same time, we keep key companies, valuable IPs and future publishing rights.
Cash flow is immediately improved, and we remain committed to reducing net debt. The transaction yields additional headroom to amortize debt in accordance with existing bank agreements and will improve financial flexibility.
Saber Interactive’s Matthew Karch added:
Over the past four years, I have been proud to be part of Embracer’s amazing transformation into one of the leading game companies in the world. As part of the company’s efforts to reorganize for a changed industry and geopolitical challenges, we jointly felt it was the right decision for both Embracer and the core of Saber to part ways.
This divestment leaves both parties in much better positions to grow our respective businesses. I will continue to remain a large, long-term shareholder of Embracer and we will remain partners on several ongoing and future projects. This transaction also safeguards the livelihoods of hundreds of professionals, many of whom I have worked with for over two decades.