M&A volume in the Gaming sector in 2025 (196 deals) continued a stabilization trend after a downturn in previous years. There was demand from both strategic and financial buyers, with PE firms involved in 15% of the transactions. Disclosed deal value was $71.1B, primarily driven by megadeals, the highest total since 2022. The maximum deal size was $54.7B, the minimum was $10K, and the median was $17M.
Legend Acquired By Genius Sports
Lambda Planning Acquired by C-Garden
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Seller: Zen Studios Seller Details: Zen Studios, founded in 2003 as a work-for-hire tech company by four developers, is an independent premium video game developer and publisher of interactive entertainment for all major game platforms. Buyer Details: Embracer Group is the parent company of businesses developing and publishing PC, console and mobile games for the global games market. Embracer Group has an extensive catalogue of over 190 owned franchises, such as Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, Kingdoms of Amalur, TimeSplitters, Satisfactory, Wreckfest, Insurgency and World War Z, amongst many others. Deal Descriptions: Through the acquisition, Saber onboards an experienced studio with strong capabilities in developing and publishing original titles led by an experienced team. Saber sees an opportunity to improve Zen Studio's development process from concept, production and release, and look forward to providing support and resources in order to strengthen the Zen Studios team in upcoming projects. Within the Embracer Group, Zen Studios will operate as an independent studio under Saber, with a continued focus on developing premium games. Zen Studios strengthens Embracer Group's footprint and Saber's development capabilities in Eastern Europe. Saber will support Zen Studio's expansion into the RPG genre, leveraging the expertise of both teams to enhance the gaming experience of current and future titles even further. |