M&A Deal Summary

Embracer Acquires Asmodee

On December 15, 2021, Embracer acquired digital media company Asmodee from PAI Partners for 2.8B USD

Acquisition Highlights
  • This is Embracer’s 8th transaction in the Digital Media sector.
  • This is Embracer’s largest (disclosed) transaction.
  • This is Embracer’s 1st transaction in France.

M&A Deal Summary
Date 2021-12-15
Target Asmodee
Sector Digital Media
Buyer(s) Embracer
Sellers(s) PAI Partners
Deal Type Add-on Acquisition
Deal Value 2.8B USD

Target

Asmodee

Guyancourt, France
Asmodee is an international publisher and distributor for board games, trading cards, and digital board games with over 39 million games sold annually in more than 50 countries. Through 22 fully owned studios and 300+ IPs, the company creates a dynamic transmedia experience for players across a variety of digital and physical platforms. Asmodee has a portfolio of 970+ games, of which some of the iconic game titles include Catan, Ticket to Ride, Pandemic, Dixit, Splendor, 7 Wonders, Just One, Dobble/Spot it!, Azul, Unlock!, Bezzerwizzer and Exploding Kittens. It also establishes licensing and distribution partnership with leading entertainment and technology companies on successful IPs such as Pokémon, Magic: The Gathering, Disney, Harry Potter, Lord of the Rings, Star Wars, Marvel, Dungeons & Dragons and Carcassonne. Asmodee was formed in 1995 and is based in Guyancourt, France.

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Buyer(S) 1

Buyer

Embracer

Karlstad, Sweden
Category Company
Founded 1999
Sector Digital Media
Employees10,844
Revenue 42.2B SEK (2024)
DESCRIPTION

Embracer is a developer and publisher of video games. The core portfolio comprises products and brands which have been acquired from various parties (THQ, Atari, and others), and further acquisitions of IPs and trademarks will follow. Embracer was founded in 1999 and is based in Karlstad, Sweden.

DEAL STATS #
Overall 9 of 9
Sector (Digital Media) 8 of 8
Type (Add-on Acquisition) 9 of 9
Country (France) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-11-18 ZEN Stúdió Kft

Budapest, Hungary

ZEN Stúdió Kft is an independent premium video game developer and publisher of interactive entertainment for all major game platforms. ZEN Stúdió was founded in 2003 and is based in Budapest, Hungary.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-27 Gearbox Software

Frisco, Texas, United States

Gearbox Software is a creator and distributor of transmedia entertainment through its four subsidiaries: Gearbox Software, Gearbox Publishing, Gearbox Studio, and Gearbox Properties. Gearbox Software was formed in 1999 and is based in Frisco, Texas.

Sell $460M

Seller(S) 1

SELLER

PAI Partners

Paris, France

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 16.2B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

PAI Partners is a European private equity firm that makes controlling equity investments in buyout transactions valued in excess of €300 million. PAI is particularly interested in 'investing in consolidating sectors and in markets where growth can be sustained through economic and financial market cycles.' Sectors of interest include consumer retail, professional distribution, building materials, infrastructure and utilities, media, IT, communications, food, consumer goods, healthcare, chemicals, automotive, aeronautics, paper & packaging, electrical appliances, and household equipment (heating, air-conditioning, security). The firms invest in the range of €100 - €300 million transaction. PAI was formed in 1998 and is based in Paris with additional offices in Madrid, Milan, Munich, Luxembourg, Copenhagen, and London.

DEAL STATS #
Overall 46 of 50
Sector (Digital Media) 1 of 1
Type (Add-on Acquisition) 16 of 18
Country (France) 23 of 24
Year (2021) 4 of 4
Size (of disclosed) 4 of 20
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-03 Veonet

Munich, Germany

Veonet is a provider of ophthalmological care and outpatient treatment for major causes of blindness and visual impairment, offering diagnosis as well as surgical and non-invasive treatment of eye disorders. Veonet is based in Munich, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-22 Uvesco

Gipuzkoa, Spain

Uvesco is a food retail sector with a differentiated model based on a high-quality product offering. Uvesco was founded in 1993 and is headquartered in Guipúzcoa, Spain.

Buy -
Mergr

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