Gaming company Square Enix will reduce its developer presence in the West with the sale of the studios behind franchises Tomb Raider, Deux Ex and Thief to Sweden's Embracer Group for $300 million.

The latest in a series of deals in the video games industry, the sale announced on Monday includes studios Crystal Dynamics, Eidos-Montreal and Square Enix Montreal, affects 1,100 employees and is expected to close in the July-September quarter.

Square Enix, whose major franchises include Final Fantasy and Dragon Quest, said the proceeds will be used to invest in areas such as blockchain, artificial intelligence and the cloud.