Korean games giant Nexon is increasing its stake in Patrick Söderlund's (pictured) newly-founded Embark Studios.
The firm previously owned 66.1 per cent of the EA vet's venture and has said it will soon own 72.8 per cent of the Stockholm-based developer.
Furthermore, the Korean firm has said that it has the option to fully acquire Embark over the next five years. This doesn't necessarily mean that Nexon will snap up the studio in its entirety - despite media reports and the company's own press release stating this as a certainty - but that it likely has first refusal on the remaining stake in the company.
Söderlund announced Embark Studios in November 2018 with Nexon putting up some cash to fund the new developer. At this point, the Korean firm owned 33 per cent of the studio, investing a further $96m into the Stockholm-based outfit in July 2019, bringing its slice of Embark up to 66.1 per cent.
Incidentally, that round of investment would give Embark Studios a valuation of more than $290m.
“Embark Studios is at the heart of Nexon’s ambition to create ground-breaking online game experiences that are successful on a global scale, especially outside Nexon's core Asian markets. It’s a big challenge, and one I’m itching to work on, to the very best of
my ability,” Söderlund said.
"At Embark, we’re in the midst of developing new technologies, new development methodologies and a new attitude to game development, that will help influence and reshape Nexon’s game development in the years to come.”
Nexon president and CEO Owen Mahoney added: “We are very excited about the value and potential that Nexon’s acquisition of Embark unlocks. Bringing Embark fully into the Nexon family will tightly integrate Nexon's expertise in live operations and Embark's capability of creating hit games that resonate globally to powerfully drive and accelerate delivering players great games designed to live on for years.
“Patrick has a proven track record for both strategic vision and operating a triple-A studio. We’re confident about the future of Nexon’s game development and business in Western
markets, especially with Embark in the family, and central to our strategy.”
