The Board of Directors of Embracer Group AB announced on Monday the creation of three standalone publicly listed companies at Nasdaq Stockholm.
According to the statement released by the Sweden-based company, the new entities are Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. The move is set to improve the main strategies of the computer games development firm, offering more "differentiated and distinct equity stories for existing and new shareholders." As part of the move, Embracer Group has, through Asmodee Group, entered into a new financing deal for €900 million to compensate existing debt and lower leverage in the remaining Embracer Group.
"This is the start of a new chapter, a chapter that I intend to remain part of as an active, committed, and supportive shareholder of all three new entities, with an evergreen horizon. This move towards three independent companies reinforces Embracer's vision of backing entrepreneurs and creators with a long-term mindset, allowing them to continue to deliver unforgettable experiences for gamers and fans across the globe," Lars Wingefors (pictured), co-founder and Group CEO of Embracer Group, said.
