Pearl Abyss Sells CCP Games Back to Management for 120 Million Dollars as EVE Online Returns to Hilmar Pétursson
Pearl Abyss has agreed to sell CCP Games, the Icelandic studio behind EVE Online, to CCP’s current management team led by chief executive Hilmar Veigar Pétursson for about 120 million dollars, or 177.1 billion won, according to Korean regulatory reporting and coverage from Inven Global.
In explaining the move, Pearl Abyss said both companies had operated under independent management principles, but that shifting growth priorities made a sale to current leadership the better long term option. The company also said it remains open to future collaboration, which suggests this is a strategic reset rather than a hostile separation. "selling the company to its current management is in the best interest of both parties' futures." Quote by: Pearl Abyss spokesperson.
The 120 million dollar headline is also more nuanced than it first appears. Korean business reports say the transaction consists of 100 million dollars in fixed cash plus rights tied to 20 million dollars in tokens, while Yonhap reported that the disposal was aimed at improving Pearl Abyss’ financial structure and management efficiency after CCP recorded a 41 billion won net loss last year.
The financial comparison is where the story becomes especially striking. Pearl Abyss announced the CCP acquisition in 2018 at up to 425 million dollars, but later reporting indicated the performance based portion was never achieved, leaving the final purchase price at 225 million dollars. On that basis, the resale represents a steep markdown and a clear sign that the long term fit never delivered what the original deal was supposed to unlock.
That does not necessarily mean CCP or EVE Online failed. Inven’s report makes a more specific point: EVE Online remained a durable global business, while the broader burden came from CCP’s continued losses and Pearl Abyss’ changing priorities. With Pearl Abyss also coming off strong momentum from Crimson Desert passing 5 million sales, this looks less like a panic move and more like a portfolio correction that lets Pearl Abyss refocus on internal franchises while giving CCP more operational freedom again. That is an inference, but it aligns with the public rationale and the timing.
What do you think, is this the right reset for both companies, or did Pearl Abyss walk away from EVE Online and CCP too cheaply?
