South Korea-based gaming holding Krafton (KRX: 259960) has acquired 100% of US-based PC & Console game developer Eleventh Hour Games for approximately $96m (KRW 132.4B). The studio, known for its ARPG Last Epoch, will continue to operate independently following the acquisition.
Last Epoch has emerged as one of 2024’s most notable premium PC launches, with 79% positive reviews on Steam, praised for its streamlined ARPG mechanics, active community feedback loops, and agile content updates. Released in Feb’24, the game has sold approximately 2.5 million copies on Steam as of Jul’25, according to VG Insights. During its launch weekend (Feb’24), the game hit ~264,700 peak concurrent players — the third-highest Steam peak of the year, behind only Helldivers 2 and Palworld.
For Krafton, the deal signals a clear push to diversify its current portfolio. Over the past several years, Krafton has acquired several studios, including:
— Tango Gameworks is a Japan-based PC & Console game developer, creators of The Evil Within and Hi-Fi Rush;
— Unknown Worlds is a US-based PC & Console games developer, creators of Subnautica. Recently, three former executives have sued Krafton, stating the publisher rushed Subnautica 2’s early access release specially to avoid paying a promised $250m earnout bonus.
📊 You can find the full timeline of Krafton’s acquisitions on our [Patreon]
The Eleventh Hour’s acquisition complements the 27 corporate investments made by Krafton during 2020-2024, as well as a pipeline of PC and mobile titles, including inZOI, PUBG, Subnautica, Defense Derby, and others.
Eleventh Hour joins a growing list of Western premium studios acquired by Asian strategics, as companies like Krafton and Tencent target IP with long-tail monetization and strong fundamentals. With Last Epoch gaining momentum in both sales and live-service readiness, Krafton secures a scalable franchise — and a team already equipped to build its next one.
Following the news announcement, Krafton’s (KRX: 259960) shares declined by 0.9%, slipping from KRW 338,500 on July 25 to KRW 335,500 on July 28. The slight dip likely reflects cautious sentiment around valuation impact and market skepticism over the near-term financial upside of premium PC content.
