Embracer Group Acquires 4A Games

Embracer Group has acquired 4A Games, the developer behind the critically acclaimed Metro franchise, to integrate the studio into its Saber Interactive operative group. The acquisition aims to leverage 4A Games’ proprietary, best-in-class FPS engine and its deep expertise in AAA development to bolster the parent company’s global portfolio. By bringing 4A Games under the Saber Interactive umbrella, the organization intends to foster long-term value creation through the development of a brand-new AAA intellectual property and the continued expansion of the Metro series.

The financial structure of the deal includes an enterprise value of $36 million, with $20 million paid in shares and a net cash position of approximately $9 million at closing. To ensure long-term alignment, the agreement includes an earnout provision of up to $35 million over five years. For the 2020 calendar year, 4A Games is projected to generate approximately €20 million in revenue and €12 million in EBIT. The studio, which maintains operations in Kyiv and Malta, employs over 150 staff members and is currently pursuing an aggressive expansion plan to increase its headcount.

Operationally, the partnership focuses on internalizing development capabilities and reducing reliance on third-party technology. 4A Games will retain its independence while benefiting from Saber Interactive’s expertise in multiplayer and LiveOps. This synergy is expected to drive significant cost savings and technical advancements across the group’s broader catalog. The acquisition reinforces Embracer Group’s strategy of scaling its internal development capacity, which currently spans 33 studios and over 4,000 employees worldwide, to maintain a competitive edge in the global PC and console gaming markets.