Embracer said late on Wednesday it was buying French board games publisher Asmodee from private equity firm PAI Partners in a deal valued at 2.75 billion euros ($3.11 billion) to cement its position as the largest European gaming group.

Of the total deal value, 350 million euros would be paid to Asmodee’s shareholders and about 2.4 billion euros would be used for cash and debt refinancing.

Asmodee, which will become Embracer’s ninth business “vertical,” with its headquarters in Paris, France, was founded in 1995 and has a portfolio of nearly 1,000 games and sells over 39 million games every year in more than 50 countries.

Read more/Source: Reuters