Embracer acquires board game firm Asmodee

Date Type Companies involved Size
December 16th, 2021 acquisition Asmodee Digital
Embracer Group
Embracer acquires board game firm Asmodee

European games firm Embracer Group has bought Asmodee.

As revealed on its investor page, the publisher intends to acquire the French board game outfit for €2.75 billion ($3.1 billion); €2.4 billion ($2.7 billion) is being paid out in cash, while €350 million ($394 million) is doled out in stock.

That's certainly a lot more than the $1.4 billion valuation that Asmodee landed back in 2018.

"If the acquisition is completed, Embracer would onboard one of the market leading independent global players in a large, growing, highly resilient board gaming market with proven experience of creating long-lasting franchises and delivering strong original content," Embracer CEO and founder Lars Wingefors (pictured) wrote.

"The acquisition would create Europe’s largest gaming group, and would enable collaboration within Embracer in terms of development, publishing, technology, IPs as well as a platform for further M&A. Asmodee would become the ninth operating group, continuing to operate independently."

PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for, VGC, Games London, The Observer/Guardian and Esquire UK.