Proposed Acquisition of Asmodee: Management Presentation

Embracer Group’s acquisition of Asmodee for approximately EUR 2.75 billion represents a strategic expansion into the tabletop gaming sector, aiming to create a diversified global entertainment powerhouse. By integrating Asmodee’s extensive portfolio of over 300 intellectual properties and 22 studios into its existing ecosystem, the company intends to capitalize on the rising global demand for board games and trading card games. The transaction, slated for completion in the first half of 2022, is structured to be immediately accretive to earnings and free cash flow, supported by a mix of cash reserves and new credit facilities.

Asmodee brings a robust financial foundation to the partnership, having recorded EUR 1.1 billion in pro forma sales for the 2021 fiscal year. This performance is underpinned by a decentralized operational model that has successfully balanced organic growth with strategic acquisitions. The company’s focus on consumer-centric engagement and the expansion of its physical offerings into digital and entertainment platforms has established a resilient, high-growth business model that complements Embracer’s existing video game operations.

The core objective of this merger is to foster transmedia cross-fertilization, leveraging the combined strength of over 560 intellectual properties and a workforce of 11,300 employees. By sharing consumer data and utilizing omni-channel distribution networks, the unified entity aims to transform video game IPs into physical tabletop experiences while simultaneously adapting board game franchises for digital development. This integration preserves Asmodee’s existing management structure, ensuring operational continuity while driving long-term value creation through a synergistic, decentralized approach to global entertainment.