Acquired Hellblade Developer Ninja Theory for $117 Million

Ninja Theory was acquired for $117 million by Microsoft, according to FTC filings. The FTC v. Microsoft case has revealed some new information recently about Microsoft’s proposed acquisitions.

FTC filings showed internal emails from Microsoft about which studios and publishers to be on the lookout for regarding potential acquisitions, and candidates included Bungie and Sega. In the internal email detailing a pitch to acquire Sega, there was a list of “precedent transactions” on page 10 and it noted previous acquisitions from many different companies including Sony, Microsoft, and Electronic Arts.

Within the list was Ninja Theory, which was noted to be bought for $117 million. It also mentions the date when the acquisition was made public, June 10, 2018. That was during E3 2018 where Microsoft also announced that it had acquired Turn 10, Playground Games, Compulsion Games, and Undead Labs.

Ninja Theory's latest title, Senua's Saga: Hellblade 2, is set to release sometime in 2024.