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Pearl Abyss has put its subsidiary CCP Games — the developer of EVE Online — on the market and is actively pursuing its sale. The move comes after the company's initial expectations fell short, despite acquiring CCP for approximately 250 billion KRW (about $200 million USD at the time), aiming to leverage its dedicated fanbase and expand into the mobile platform.
According to reporting by Money Today Broadcasting (MTN) on the 19th, Pearl Abyss and CCP have selected a lead advisor for the sale process and are sounding out acquisition interest from multiple game companies.
CCP Games is headquartered in Reykjavík, Iceland, and operates development studios in Reykjavík, London, and Shanghai. The company gained global recognition with the success of its sci-fi MMORPG EVE Online, launched in 2002. At its peak, EVE Online reportedly accounted for 40% of Iceland's software export revenue in 2007 and has surpassed 40 million cumulative registered users.
Pearl Abyss acquired 100% of CCP's shares in 2019, making it a wholly owned subsidiary. The acquisition price was around 250 billion KRW based on the exchange rate at the time. Following the acquisition, Pearl Abyss began offering Korean language support for EVE Online.
Shortly after being acquired, CCP released the mobile game EVE Echoes, set in the EVE Online universe. The game is serviced in China and globally by leading Chinese game company NetEase.
Although there were high hopes at the time of acquisition, EVE Echoes reportedly fell short of commercial expectations. Since then, CCP has shifted its business focus toward Web3 games.
While Pearl Abyss does not disclose individual financials for its subsidiaries, sources say CCP and its affiliated entities have been incurring significant losses. With no clear growth momentum, these losses are said to be having a considerable impact on Pearl Abyss's overall financial performance.
If the sale is successful, Pearl Abyss is expected to offload a loss-making subsidiary, secure some funding, and focus more intensively on its highly anticipated internal projects such as Crimson Desert and DokeV