The two billion dollar deal between Embracer Group and an unnamed suitor that fell through in May was with Saudi government-funded Savvy Games Group, Stephen Totilo from Axios Gaming reports. The breakdown took a sizable bite out of Embracer Group's market capitalisation and prompted a statement from Crystal Dynamics reassuring fans that Tomb Raider continues to be in active development at the studio.

"Late last night, we were informed that one major strategic partnership that has been negotiated for seven months will not materialize. We now expect to generate SEK 7 to 9 billion in Adjusted EBIT with improving cash conversion for FY 2023/24 and a healthy growth outlook in the following years." Embracer Group CEO Lars Wingefors said in May.

Later in June, Embracer Group announced a comprehensive restructuring program with immediate implementation. As part of the restructuring program, Phil Rogers was appointed interim Chief Strategy Officer and would remain CEO of the operative group Crystal Dynamics Eidos and Matthew Karch was appointed interim Chief Operating Officer.

Embracer Group owns 138 internal game development studios including Gearbox Software and Crystal Dynamics plus an extensive catalogue of over 850 owned or controlled franchises including Borderlands and Tomb Raider.

Lara Croft and Tomb Raider are currently under the aegis of U.S. studio Crystal Dynamics who are developing a new multiplatform Tomb Raider title, with Amazon Games providing full support and publishing the game globally. The as-yet-untitled new Tomb Raider game is a single-player, narrative-driven adventure that continues Lara Croft's story in the Tomb Raider series.

Embracer Group