The Embracer Group in talks to acquire Asmodee

PAI and the Embracer Group have entered into exclusive discussions for Asmodee, one of the worldwide leaders in board games, to join the Embracer Group, the parent company of businesses developing and publishing PC, console and mobile games for the global games market.

This would mark a transformative step in Embracer and Asmodee’s strategy and would create Europe’s largest gaming group, with an established market leading position in board games.

Owned by PAI Partners as a majority shareholder since 2018, Asmodee has sold more than 39M games in 2020 globally. Through 22 fully owned studios and 300+ IPs including Ticket to Ride (80M+ players) and Dobble (85M+ players), Asmodee has grown to be the largest independent global player in a growing and highly resilient board games market. Asmodee benefits from a unique 25-year experience in creating long-lasting franchises and delivering strong original content.

Through the combined strengths of Embracer’s eight existing operating groups (THQ Nordic, Koch Media, Coffee Stain, Amplifier, Saber Interactive, Deca, Gearbox Entertainment, Easybrain), Asmodee’s  franchises would accelerate their expansion into video games – while Embracer Group franchises would benefit from Asmodee’s publishing and distribution expertise in board games. The envisaged groups’ collaboration and joint forces would bring impact and scale around IPs, distribution, technology, game development and transmedia projects.

The combined entities of Embracer Group and Asmodee would own more than 100 game development studios and over 500 owned IPs and brands, employing 11,300+ employees across 50+ countries.

Asmodee’s CEO Stéphane Carville together with his management team would continue to lead the new operating group. Asmodee would continue to operate independently as before the transaction with no reorganisation expected driven by the contemplated transaction.

“I’m thrilled at the prospect of the project of pursuing our ambition with Lars Wingefors and the Embracer Group,” says Stéphane Carville, CEO of Asmodee Group. “Embracer and Asmodee share strong values centred on putting the best teams together to provide our players with the best experiences on the planet.”

“I am delighted we have made an offer to welcome Asmodee to our growing Group,” adds Lars Wingefors, Co-founder and Group CEO Embracer Group AB. “Asmodee would become our ninth operating group, moving Embracer towards becoming a leading independent global gaming eco-system with several market leading positions in line with the succesful Embracer strategy to build on passionate entrepreneurs and creators with a decentralised operating model.“


About Tessa Clayton

A former Chief Sub of Red magazine, Tessa Clayton is the Digital Editor of and ToyNews. As a freelance journalist she specialised in writing about parenting and family life, and has contributed to a wide variety of publications and websites including Tesco online, Mother & Baby, Livingetc, Junior, Boots Health & Beauty, Practical Parenting and Get in touch at

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