Embracer Group has entered into negotiations to acquire French publisher Asmodee, which distributes board games and their digital versions. If the Swedish holding successfully closes a €2.75 billion deal, it will become the biggest gaming group in Europe.

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€2.4 billion will be paid to Asmodee in cash and debt refinancing, with shareholders getting €350 million in newly issued Embracer shares. The deal is expected to be closed within six months.

Asmodee CEO Stéphane Carville will continue to lead the company, which will operate independently with no reorganization. The acquisition will bring Embracer Group’s headcount to 11,300 employees across 50 countries.

The French publisher owns 22 studios and more than 300 IPs, including Catan, Ticket to Ride, Pandemic, 7 Wonders, and Azul. Asmodee also has licenses to distribute products based on popular brands like Pokémon, Magic: The Gathering, Harry Potter, Star Wars, and Dungeons & Dragons.

The company sells over 39 million board games, trading cards, and digital board games annually. Asmodee is expected to reach €1.1 billion in net sales in 2021.

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