Embracer, a designer and developer of leisure products, agreed to acquire Asmodee, a French board games publisher, from PAI Partners, a private equity firm, for $3bn. If the transaction is completed, Asmodee would become the ninth operating group of Embracer, moving Embracer towards becoming a leading independent global gaming eco-system and becoming Europe’s largest gaming group. Strong strategic and cultural fit between the companies. The combined new group would on pro forma basis have more than 11,300 employees and contracted employees across more than 50 countries. The new group would have 108 own game development studios and more than 560 owned IPs and brands.