CCP Games gets acquired by Koreans from Pearl Abyss for $425M

Iceland M&A 06 September 2018
Share on FacebookShare on Twitter

CCP Games, a Reykjavik, Iceland-based gaming creators of popular spaceship MMORPG EVE Online, announced getting into an agreement for being fully acquired by Korean company Pearl Abyss, known for developing Black Desert.

The transaction values the Icelanding gaming company at $425M. The deal outlines that CCP Games will continue to operate independently as a developer with studios in Reykjavik, London and Shanghai, while integrating the company’s extensive development and publishing expertise into Pearl Abyss’ operations for all current and future projects.

CCP Games, founded in 1997 and led by CEO Hilmar Veigar Pétursson, launched in 2003 EVE Online, a space-based, persistent world MMO game. The game has since gained recognition for its scale and complexity with regards to player interactions in EVE’s single, shared game world. EVE Online is one of the most critically-acclaimed MMORPG intellectual properties (IPs) in North America and Europe, and one of the most extensive works of science fiction in the world.

Pearl Abyss first launched its open-world MMORPG, Black Desert Online, in Korea in 2014. The game has received critical acclaim for its advanced graphics, seamless world, large-scale castle sieges and action-based combat system. Since Pearl Abyss’ initial public offering in 2017, the company has worked to secure competitive global IPs, such as EVE Online, through strategic investments and M&A activity.

CCP Games raised more than $60M in venture capital from investors including New Enterprise Associates and Novator Partners. All of them made their exit.