CCP Games Goes Independent Again In $120M Buyout

CCP Games is leaving Pearl Abyss through a management buyout led by CEO Hilmar Veigar Pétursson. The deal values the EVE Online studio at $120 million.

Good to Know

• The buyout includes $100 million in cash and $20 million in EVE Frontier game tokens.
• Pearl Abyss bought CCP Games in 2018 for $225 million.
• CCP recorded a $19 million annual loss in 2024.

EVE Studio Breaks Away From Pearl Abyss

CCP Games is going back to independent control after several difficult years under Pearl Abyss. Hilmar Veigar Pétursson led the management buyout, which is expected to close on May 6.

The price sits well below the $225 million Pearl Abyss paid for CCP in 2018. The new deal includes $100 million in cash and $20 million worth of EVE Frontier game tokens.

The split follows a rough financial stretch. CCP posted a $19 million loss in 2024, even after Pearl Abyss had put another $50 million into the studio. Pearl Abyss is now placing more attention on projects such as Crimson Desert, while CCP gets another chance to run on its own.

The studio still has several active bets. EVE Online remains its main title, while EVE Vanguard is expected in Q3 2026. CCP is also building EVE Frontier, a blockchain-linked project backed by a $40 million investment from groups including a16z and Bitkraft, mostly through token allocations.

Some details remain open. CCP has not fully explained the funding source for the buyout, the post-deal budget, or how it will handle the $50 million debt owed to Pearl Abyss.

The timing also brings attention back to the EVE community. The deal closes just before EVE Fest, which begins on May 14.