With growing income throughout the 1990s, Nordic Games was turned into a retail chain and opened seven locations across Sweden.

[5] The company also acquired the store Spel- & Tele shopen in Linköping that Pelle Lundborg had opened four years earlier.

Although Wingefors was asked to either seek new partners or bring in venture capital, he opted to sell the company to Gameplay Stockholm, the Swedish subsidiary of Europe-wide retailer Gameplay.com, in March 2000 for stock valued at £5.96 million.

It tried to establish mobile game, digital distribution and cable TV box businesses, all of which did not gain traction.

[5] When the dot-com bubble burst, Gameplay.com faced financial issues, and Nordic Games was sold back to Wingefors in May 2001 for a symbolic sum of 1 kr (at the time equivalent to £0.07).

[7] The subsidiary started out with seven people, including primary shareholder Wingefors, based in Karlstad, and chief executive officer Lundborg, who had since moved to Málaga with his wife.

[5] In June 2011, Nordic Games Holding acquired the assets of the insolvent publisher JoWooD and its subsidiaries.

[13][14] The acquired assets were transferred to Nordic Games GmbH, a newly established subsidiary office in Vienna, Austria.

[21] In February 2018, THQ Nordic acquired the Austrian multimedia company Koch Media, which operated the Deep Silver video game label, for €121 million.

[11] In February 2019, THQ Nordic issued 11 million new Class B shares and raised 2.09 billion kr.

[31][32] In the following months, Embracer made several acquisitions and openings: Amplifier Game Invest bought Tarsier Studios for 99 million kr.

[40] According to Klemens Kreuzer, the chief executive officer of THQ Nordic, the large number of acquisitions represented a portfolio diversification that contrasted the reliance of larger publishers like Electronic Arts on a few keystone titles.

[45] Embracer Group began issuing additional stock in March 2021 and raised another $890 million to further its acquisition strategies.

[55][56] Square Enix Montréal was briefly rebranded as Onoma but closed in November 2022 in a cost reduction measure.

[59][60] The latter was subsequently expanded with the acquisitions of Limited Run Games, Singtrix, and Middle-earth Enterprises, which owns the media rights for The Lord of the Rings and The Hobbit.

[66] Embracer Group consequently announced in June 2023 that it would immediately begin implementing a large-scale restructuring programme focused on cost reduction, comprising layoffs, studio closures and divestments, and project cancellations until March 2024.

[78] According to Jason Schreier of Bloomberg News, Beacon Interactive plans to exercise its option for a combined purchase price of $500 million.

[79] With the sale of Gearbox, Embracer CEO Lars Wingefors stated that the company restructuring was complete, and had no short term plans to restart mergers or acquisitions, instead focusing on "simply making better products and games" to improve cash flow.

[80] From June 2023 to May 2024, the structuring had led to the loss of 4532 employees, the closure of 44 studios, and cancellation of 80 in-development projects,[81] including a new Deus Ex,[82] TimeSplitters[83] and Red Faction games.

[85] In April 2024, Embracer Group announced that it would split up into three separate publicly-traded companies on the Swedish stock market within the next two years.

[89][90] In June 2024, Embracer closed Alone in the Dark (2024) developer Pieces Interactive following the game's disappointing performance.

[95] In February 7, 2025, Asmodee announced its listing on Nasdaq Stockholm, marking the separation from the group as its own publicly-traded entity.