Embracer Group split-up begins as Asmodee gets independence date

Swedish entertainment juggernaut Embracer Group has announced a start date for its planned three-way split-up: On February 7, 2025, boardgame publisher Asmodee — the best-performing part of the group in recent times — will regain its independence by becoming a publicly traded company on NASDAQ Stockholm. As a parting gift, Embracer will pump an equity investment of €400 million EUR into Asmodee using funds from its recent divestment of mobile game division Easybrain.

“This marks an important milestone for Embracer shareholders,” commented Embracer CEO Lars Wingefors. “We now very much look forward to establishing Asmodee as a standalone listed company and further strengthen it as a market leader in tabletop gaming.”

Embracer’s video game and media properties are set to split into two parts at a later stage of the plan. One half of the company will be centered around publishers Coffee Stain and THQ Nordic, specializing in free-to-play, indie, and double-A games. It will be responsible for brands like Goat Simulator, Valheim, Jagged Alliance, and Deep Rock Galactic.

Embracer’s traditional core business — the triple-A games, licensing, and publishing — will anchor the third company. This entity will retain the publishing rights for IPs like The Lord of the Rings and Tomb Raider and include studios like Eidos Montreal, Crystal Dynamics, and Warhorse Studios as well as German game publisher Plaion and comic book publisher Dark Horse.

A date for this second split-up has not been set quite yet, though Embracer announced that its next earnings report will be out on February 13, 2025.

Embracer already parted ways with several of its publishers and developers in recent times to bring in money: Saber Interactive regained its independence and Gearbox was sold to Take-Two.