Embracer announced that it has cancelled its bid to sell Metro developer 4A Games and pinball developer Zen Studios.
The two studios were included in an option to sell Saber Interactive to a group of private investors for $247 million. But Embracer confirmed on Friday that the deal is now done and that the option to include 4A and Zen in the deal has been canceled.
The developers will now remain with Embracer, which has two ‘AAA’ titles in development for 4A, according to Embracer.
Embracer CEO Lars Wingefors said, “We are delighted to have completed this transaction and are delighted that the great teams and assets at 4A Games and Zen Studios will remain with Embracer.”
“They will be important building blocks in our ongoing journey. 4A Games currently has two AAA titles in development, and we are eagerly awaiting their announcement.
“I would also like to take this opportunity to thank (Saber founder) Matthew Karch for his contributions over the years, and congratulate the Saber team on their successful launch of the iconic Warhammer 40,000: Space Marine 2, which will be a great start for the new organization.”
Embracer Group had expanded rapidly through mergers and acquisitions for years, but in May last year it announced that a $2 billion deal had fallen through at the last minute, forcing it to embark on a restructuring program that included studio closures and the cancellation of several projects.
The restructuring, which is now complete, will result in the loss of approximately 1,400 jobs and the cancellation of 29 unreleased games over the six months to 2023.
As part of the restructuring, Embracer closed Saints Row developer Volition, Campfire Cabal, and TimeSplitters studio Free Radical Design, while Borderlands developers Gearbox and Saber Interactive were sold.
