Recommended Free Tools
Embracer’s planned split is real, but it is no longer an entirely future event. The company announced a transformation into three publicly traded businesses on April 22, 2024. Asmodee began trading separately on Nasdaq Stockholm in February 2025, and Coffee Stain Group began trading on Nasdaq First North Premier Growth Market in Stockholm on December 11, 2025. The remaining step is a proposed Fellowship Entertainment spin-off targeted for calendar year 2027, subject to shareholder and other approvals.
The current status in one view
| Business | Primary focus | Listing and status as of August 18, 2026 |
|---|---|---|
| Asmodee | Board games, tabletop publishing and distribution, and related entertainment | Separately listed on Nasdaq Stockholm since February 7, 2025 |
| Coffee Stain Group | Community-driven, indie, AA, premium and free-to-play games for PC, console and mobile | Separately traded on Nasdaq First North Premier Growth Market in Stockholm since December 11, 2025 |
| Fellowship Entertainment | AAA development and publishing, entertainment, licensing and major intellectual property | Proposed spin-off and Nasdaq Stockholm listing in calendar year 2027; not completed |
That means the old headline “Embracer Group will split into three publicly traded companies” is historically accurate but currently incomplete. Two companies have already left the group. The May 2026 plan describes the final transaction as a separation into Fellowship Entertainment and the remaining Embracer business—two listed companies at that stage.
What Embracer announced in April 2024
On April 22, 2024, Embracer announced its intention to transform into three standalone publicly listed entities: Asmodee Group, Coffee Stain & Friends, and Middle-earth Enterprises & Friends. The proposed structure was a corporate separation, not a sale of three divisions for cash. Embracer said Asmodee and Coffee Stain shares would be distributed to existing Embracer shareholders, while the remaining business would stay in the listed Embracer company and later receive a new identity.
Embracer said separate companies would provide more coherent strategies, more focused management, capital structures better suited to different businesses, clearer accountability and greater flexibility for acquisitions and investment. It also presented the breakup as a way to make value easier for investors to assess. Those are management’s stated objectives, not proof that the transactions have increased shareholder value.
#1 Best Overall
- Experience your Favorite MARVEL vs. CAPCOM classics All in One – Enjoy 7 of your favorite classic titles that helped shaped the MARVEL vs. CAPCOM universe both single player and online.
- Enjoy Enhanced Features Added to the Classic Collection – To enhance your playability experience, we incorporated the favorite added features from Capcom Fighting Collection including gallery mode, quick save, training mode for all fighting titles, and the high score challenge. Beginners and first timers into the franchise are also welcome to play through adjusted settings and execution of one-button specials!
- Play with Friends Worldwide through Online Compatibility – This collection also includes rollback net code for a smooth and enjoyable experience online. Play casually or competitively through casual, ranked, or custom matches using rules of your choosing!
The working names also changed. “Coffee Stain & Friends” became Coffee Stain Group. The business originally described as “Middle-earth Enterprises & Friends” was later developed as Fellowship Entertainment.
How the three businesses differ
Asmodee: tabletop entertainment
Asmodee contains Embracer’s tabletop-oriented operations, including board-game publishing, distribution and licensed or original tabletop properties. Eligible Embracer shareholders received Asmodee shares through a proportional distribution reflecting Embracer’s A and B share classes. The stated record date was February 5, 2025, and Asmodee B shares were expected to start trading on Nasdaq Stockholm on February 7, 2025. This separation is complete.
Nasdaq Stockholm is the main market referenced for Asmodee; it is not the same venue as Coffee Stain’s First North listing.
Coffee Stain Group: community-driven games
Coffee Stain Group is the games-focused business built around community-driven development and publishing, spanning indie and AA projects as well as premium and free-to-play games on PC, console and mobile. Embracer announced the spin-off on May 22, 2025. Shares were distributed to Embracer shareholders, and trading began on December 11, 2025.
Quick wins for a faster PC:
Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Coffee Stain trades on Nasdaq First North Premier Growth Market in Stockholm, a growth-market venue rather than Nasdaq Stockholm’s main market. Embracer said Coffee Stain would have a pro-forma net cash position of SEK 500 million as of September 30, 2025. That is a historical pro-forma measure, not a promise about its current cash balance.
Rank #2
- The following games are included in the cartridge: STAR WARS Jedi Knight: Jedi Academy (3.6 GB)
- STAR WARS Jedi Knight II: Jedi Outcast (1.1 GB)
- STAR WARS Episode I Racer (254 MB)
- STAR WARS Republic Commando (2.5 GB)
- STAR WARS: The Force Unleashed (3.4 GB)
Fellowship Entertainment: the proposed IP-led company
The May 20, 2026 proposal places much of the former group’s major game-development, publishing, licensing and franchise-management operations in Fellowship Entertainment. The announcement identifies businesses and intellectual property associated with The Lord of the Rings, Tomb Raider, Crystal Dynamics, Eidos-Montréal, Dark Horse Media, 4A Games, Warhorse Studios, Dambuster Studios, Gunfire Games, Flying Wild Hog Studios, Fishlabs and Middle-earth Enterprises, among other operations.
This is the proposed May 2026 structure, not a guaranteed final asset list. Studio ownership, agreements and transaction scope can change before completion.
Timeline of the breakup
- April 22, 2024: Embracer announces its intention to create three standalone publicly listed entities.
- February 5, 2025: Stated record date for the Asmodee share distribution.
- February 7, 2025: Asmodee B shares begin trading on Nasdaq Stockholm.
- May 22, 2025: Embracer announces the Coffee Stain spin-off and the proposed Fellowship identity for the remaining business.
- December 11, 2025: Coffee Stain Group begins trading on Nasdaq First North Premier Growth Market in Stockholm.
- May 20, 2026: Embracer announces the proposed Fellowship Entertainment spin-off and Nasdaq Stockholm listing.
- Calendar year 2027: Current target window for Fellowship’s proposed listing, subject to approvals and other conditions.
- August 18, 2026: Current status: Asmodee and Coffee Stain are separately traded; Fellowship remains planned.
What the final Fellowship transaction would involve
Embracer proposes distributing Fellowship shares to existing Embracer shareholders through a dividend distribution known as a Lex ASEA dividend. The proposed new public company is intended to replicate Embracer’s existing A/B share structure. Fellowship would then seek a Nasdaq Stockholm listing during calendar year 2027.
Do these 3 things before closing this tab:
1Repair Windows errors before they cause bigger problems2Scan for outdated or missing drivers - takes under a minute3Clear out junk files and repair common Windows errorsThe date is not final. The transaction still requires approval at an Embracer general meeting and must satisfy customary legal, regulatory and listing conditions. Embracer has not established a final Fellowship distribution ratio, record date, tax outcome, ticker, valuation or definitive asset list in the materials summarized here. Those details should not be assumed.
Because this is designed as a distribution of shares rather than a conventional cash-raising initial public offering, shareholders would receive an ownership interest if the transaction closes; it is not the same as Embracer selling Fellowship to another company for cash.
Rank #3
- The games that inspired a generation come to life once more, in the ultimate 2D pixel remaster!
- These games are newly developed remaster editions based on the original titles. Some of the changes and additional elements found in other remakes of these games are not included.
- The Anniversary Edition includes a pixel character sticker sheet.
- Universally updated 2D pixel graphics, including the iconic FINAL FANTASY character designs created by Kazuko Shibuya, the original artist and current collaborator.
- Beautifully rearranged soundtrack in a faithful FINAL FANTASY style, overseen by original composer Nobuo Uematsu.
What it means for Embracer shareholders
The Asmodee and Coffee Stain distributions have already occurred. If the Fellowship proposal is approved and completed, existing Embracer shareholders would receive Fellowship shares under the final terms and could then hold interests in multiple separately traded companies.
Embracer’s shareholder guidance says investors could buy the current Embracer shares and, after separate listings, sell any resulting company shares they do not want to own. That is general company information, not individualized investment advice. The practical value, tax treatment and liquidity of any distribution depend on the final documents and each investor’s jurisdiction, account type and circumstances.
Crashes, No Sound, or Screen Glitches?
Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteWindows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallEmbracer remains a public company. The 2026 materials describe the planned Fellowship transaction as leaving two listed companies: Fellowship Entertainment and the remaining Embracer business.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why the structure matters to the games industry
Different business models can receive different capital priorities
Tabletop publishing, community-driven games and AAA development have different production cycles, cash needs and risk profiles. Separate management teams may be able to set budgets and investment hurdles that fit each model instead of competing inside one conglomerate allocation process.
Franchise stewardship becomes more concentrated
Fellowship would be the proposed home for major game franchises and related licensing operations, potentially giving one company clearer responsibility for long-term IP planning across development, publishing and entertainment partnerships.
Rank #4
- The Mega Man Star Force Legacy Collection includes Mega Man Star Force Pegasus, Mega Man Star Force Leo, Mega Man Star Force Dragon, Mega Man Star Force 2 Zerker x Ninja, Mega Man Star Force 2 Zerker x Saurian, Mega Man Star Force 3 Black Ace & Mega Man Star Force 3 Red Joker.
- Browse over 1,000 pieces of official artwork, including rare concept illustrations. You can also rock out to music from all three Mega Man Star Force titles plus newly arranged tracks, with select tracks that can be set as in-game background music.
- Customize gameplay by increasing your Mega Buster power, adjusting encounter rates, and playing through Casual for easy play or Ranked Matches for global competition.
- Optional high-resolution filters allow you to enjoy smoother visuals or toggle them off at any time to experience the classic look.
- Rare bonus cards previously obtainable only through events or merchandise are included. You can also combine them with cards earned during gameplay to build even more powerful decks (some bonus cards are not included).
Studios may gain autonomy—but also face narrower resources
Independence can reduce conglomerate complexity and clarify accountability. It can also remove some shared financial resilience and corporate services. The effect on employees, release schedules and studio investment will depend on how each company funds projects after separation.
Acquisition strategies may diverge
Embracer’s stated rationale includes greater flexibility for targeted acquisitions. In practice, each listed company would have its own balance sheet, investor base and risk tolerance, so an acquisition that fits Coffee Stain may not fit Fellowship or Asmodee.
Risks and unanswered questions
- Separation costs: Duplicated public-company functions, systems and management can reduce the financial benefit of a breakup.
- Debt and liabilities: The allocation of debt, leases, guarantees and other obligations affects each company’s resilience; the available announcements do not establish that final allocation.
- Shared relationships: Technology, publishing arrangements, licenses and services may continue across entities and require contracts that add complexity.
- Uneven risk profiles: A shareholder who originally owned one diversified group may end up holding companies with sharply different exposure to tabletop sales, live-service performance, AAA launch cycles or licensing income.
- Market-venue differences: Coffee Stain’s First North status should not be treated as equivalent to a Nasdaq Stockholm main-market listing.
- Execution and timing: Fellowship’s 2027 target can be delayed, changed or not completed if approval or other conditions are not met.
- Portfolio changes: Studios, licenses and franchises can move or be restructured before the final transaction documents are issued.
- Value creation is unproven: A simpler corporate chart does not by itself demonstrate better returns, stronger releases or higher valuations.
Bottom line for readers following the split
Embracer’s three-company transformation is underway, not merely announced. Asmodee is already listed on Nasdaq Stockholm, and Coffee Stain Group is already trading on Nasdaq First North Premier Growth Market. Fellowship Entertainment is the remaining proposed spin-off, targeted for a Nasdaq Stockholm listing in calendar year 2027. Until shareholder approval and final documents arrive, its timing, distribution terms and exact portfolio remain conditional.
Primary company updates are available in Embracer’s April 2024 transformation announcement, shareholder FAQ, Coffee Stain investor information and Fellowship investor information.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
