The $425 million figure refers to Pearl Abyss’s 2018 agreement to acquire EVE Online maker CCP Games—not its later sale. In 2026, Pearl Abyss disclosed that it would sell all of its CCP shares for $120 million in total consideration: $100 million in cash and rights to acquire tokens valued at $20 million. On May 6, 2026, CCP became an independent company called Fenris Creations.
What happened to CCP Games?
Pearl Abyss, the South Korean company behind Black Desert, agreed to acquire CCP Games in 2018. Eight years later, Pearl Abyss disclosed the sale of all its CCP shares. The developer then announced that it was independent under the name Fenris Creations.
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The two transaction figures describe separate events. GamesBeat’s September 6, 2018 report headlined the acquisition at $425 million; that is a public headline figure, not an established final cash payment. Pearl Abyss’s April 2026 regulatory filing disclosed $120 million in consideration for the later sale.
How the ownership changed
| Date | Transaction | Disclosed consideration | What changed |
|---|---|---|---|
| September 2018 | Pearl Abyss agreed to acquire CCP Games, according to GamesBeat’s report. | $425 million in the report’s headline. The final amount paid after performance terms or adjustments is not established by that report. | CCP was to join Pearl Abyss. |
| April–May 2026 | Pearl Abyss disclosed the disposition of all 10,973,763 CCP shares; Fenris announced completion and independence on May 6. | $120 million total consideration: $100 million cash plus rights to acquire tokens valued at $20 million, as stated in Pearl Abyss’s Korea Exchange filing. | CCP became an independent, privately held company called Fenris Creations. |
The 2026 filing converts its disclosed consideration to 177.132 billion Korean won using the exchange rate on April 30, 2026. It identifies May 6, 2026 as the anticipated closing date; Fenris’s announcement that day said the company had become independent.
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Who owns EVE Online now?
EVE Online is now part of Fenris Creations, not a Pearl Abyss subsidiary. Fenris described its ownership group as senior management and long-term investors, and said Google invested for a minority stake. The company is privately held; the announcement did not give ownership percentages.
Fenris CEO Hilmar Veigar Pétursson described the change in his May 6 EVE Online announcement: “Today, we announced that the company behind EVE Online is once again becoming independent, operating under the new name Fenris Creations.”
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Did the sale change EVE’s teams or development?
Fenris described the transaction as a change in ownership and governance, not a restructuring of its operations. It said leadership, studios, products, and ongoing development plans remained unchanged. Its announcement named EVE Online, EVE Frontier, EVE Vanguard, and EVE Galaxy Conquest as continuing projects.
The EVE Online announcement said the teams and studios in Reykjavík, London, and Shanghai remained in place. Pétursson’s statement said: “The teams building EVE Online, EVE Frontier, EVE Vanguard, and EVE Galaxy Conquest remain in place, and our studios in Reykjavík, London, and Shanghai continue as they are today.”
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The same announcement said the companies concluded independent ownership was the best next step, while Pearl Abyss focused on its core titles and IP portfolio. That is the companies’ explanation for the decision, not a full independent account of the negotiations.
What did Fenris report about recent performance?
Fenris’s May 2026 announcement said the company generated more than $70 million in revenue during 2025, had a record-breaking revenue month in November 2025, and that EVE Online recorded its second-highest revenue quarter in its more than 20-year history. These are company-reported figures and characterizations; they have not been independently verified here.
Why the $425 million and $120 million figures differ
The amounts concern different transactions, separated by nearly eight years: Pearl Abyss’s 2018 acquisition agreement and its 2026 sale of CCP. The 2018 report does not establish how much Pearl Abyss ultimately paid after the deal’s performance terms or any later adjustment. The $425 million headline should therefore not be treated as a verified final cash amount or compared with the 2026 figure as if both represented the same kind of payment.
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