Embracer Group and Saber Interactive have officially parted ways, as a group of private investors has acquired the game developer in a deal valued at $247 million. The Beacon Interactive group, led by Saber Interactive co-founder Matthew Karch, acquired the company. Embracer also announced that it will discontinue all operations in Russia.

Under this deal, Saber Interactive will retain control of some of its studios, while Embracer Group will maintain ownership of the rest. Studios like Nimble Giant, 3D Realms, Sandbox Strategies, and others will remain under Saber Interactive, while Embracer will keep studios such as Aspyr and Beamdog.

Additionally, Saber Interactive had the option to acquire Metro developer 4A Games and Pinball FX developer Zen Studios. The newly appointed CEO, Matt Karch, has exercised stock options to purchase these studios, increasing the total value of the deal to around $500 million, as reported by Bloomberg’s Jason Schreier.

Embracer will also keep the publishing rights to 14 games currently in development at Saber, along with two joint projects with Beacon Interactive. These titles include upcoming projects from 4A Games and potentially games like Warhammer 40,000: Space Marine 2 or Aspyr’s Star Wars: Knights of the Old Republic remake. Embracer will continue publishing games like Killing Floor 3, Teardown, various Metro titles, and games from Zen Studios, Aspyr, and Tripwire.

“This is the first transaction of the previously mentioned structured processes and marks a small but important step in our journey to transform Embracer into the future for the benefit of all employees, gamers, and shareholders,” Embracer CEO Lars Wingefors stated in a press release.

Following an alleged failed $2 billion investment from a Saudi-backed fund, Embracer began implementing significant cost-cutting measures, resulting in layoffs similar to those seen in other areas of the video game industry. Over the last six months, the company has canceled 29 unannounced games and laid off nearly 1,400 employees.

Rumors suggest that a new Deus Ex game was one of the casualties of these cutbacks. Studio closures within the Embracer Group included Volition, the team behind Saints Row, and Free Radical, known for TimeSplitters. The company’s cost-cutting tactics also led to layoffs at various other game development studios, with speculation that Gearbox Entertainment, the studio behind Borderlands, might be up for sale if a buyer is found.