European publishing firm Embracer Group has acquired Square Enix's Western studios and their IP.

The deal – valued at $300 million – sees developers Eidos, Crystal Dynamics and Square Enix Montréal – become part of Embracer, alongside IP including Tomb Raider, Deus Ex, Thief and Legacy of Kain. That's on top of around 1,000 members of staff.

That's a pretty good price for what amounts of a wealth of intellectual property – some of which is blockbuster material – as well as a substantial development talent.

”We are thrilled to welcome these studios into the Embracer Group," the company's CEO and founder Lars Wingefors said.

"We recognize the fantastic IP, world class creative talent, and track record of excellence that have been demonstrated time and again over the past decades. It has been a great pleasure meeting the leadership teams and discussing future plans for how they can realize their ambitions and become a great part of Embracer."

Square Enix US and Europe CEO Phil Rogers added: ”Embracer is the best kept secret in gaming: a massive, decentralized collection of entrepreneurs whom we are thrilled to become a part of today. It is the perfect fit for our ambitions: make high-quality games, with great people, sustainably, and grow our existing franchises to their best versions ever. Embracer allows us to forge new partnerships across all media to maximize our franchises’ potential and live our dreams of making extraordinary entertainment."

Embracer has been acquiring games firms and IP left and right for the last nine years. Other notable purchases include Borderlands maker Gearbox Software and Deep Silver parent Koch Media.