Written by Dante Uzel on 21 June 2024 10:33
Embracer Group announced that they paid $300m of debt. The group informed lenders about the repayment, marking progress towards meeting its obligations under the credit facility, which must be fully repaid by May 2025. According to release, installment aligns with Embracer's established financial plan.
The repayment was made possible by proceeds from the recent sale of Gearbox Entertainment to Take-Two Interactive for $460m, a transaction finalized last week. Additionally, Embracer has sold Saber Interactive and its associated studios for $247m.
Embracer Group's latest financial report indicated total debts of $1.5b as of last month. The divestments of Gearbox and Saber are anticipated to significantly reduce this debt burden moving forward.
Embracer Group revealed on April 22, 2024, its plans to split into three independent publicly traded companies on Nasdaq Stockholm over the next two years. The restructuring will see the formation of distinct entities: one focused on board games under the Asmodee group, another dedicated to indie games under Coffee Stain Publishing, and a third managing its portfolio of licensed intellectual properties, including those from Tolkien's Middle Earth.
Tags: Embracer Group
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