Eve Online being sold back to management for $120m

Pearl Abyss announced yesterday that it was selling CCP ehf (owner of Eve Online) to its management for $120m.

The details

The announcement from Pearl Abyss is on its website: Decision on Disposal of Shares and Equity Securities of Other Corporations (Major Management Matters of a Subsidiary)

The Sale will complete on 6 May - that is quick.

The $120m is made up of a cash receipt of $100m and $20m for the "right to acquire tokens" . . . . . . whatever that means.

The announcement does not actually say who is buying it (or it is lost in translation) but media reports say it is being sold to the CEO, Hilmar Petursson.  So he has had to come up with a cool $100m.

What and when did Pearl Abyss buy CCP?

Pearl Abyss acquired CCP in 2018 for $225 million (with an additional $200 million contingent on performance targets that were not met).  So $225m.

Financial Losses: CCP has only been profitable in one year since the acquisition (we don't have 2025 numbers yet), incurring a total loss of $56 million alongside a $50 million write-down.  Hence they had to borrow $50m from Pearl Abyss.

Lets assume that this $50m has been repaid to Pearl Abyss or remains as a debt due to Pearl Abyss.

When will we get the 2025 numbers for CCP?

I suspect on 12 May 2026 we will get the numbers.

What did we think CCP was worth?

When we discussed the possible sale of CCP back in June on the Oz Show I estimated it would be worth $100m, so pretty close.

"What would someone pay?: CCP made EBITDA (earnings before interest, tax, depreciation and amortisation) losses of $12m in 2024.  Eve Online made revenues of $55-60m, lets assume 10% ebitda margins (feels low) and use a market multiple of 25x = $150m, less the $50m debt they owe to Pearl Abyss = $100m.  And then still to think of the loss making parts."

What is CCP ehf?

CCP ehf is a subsidiary of Pearl Abyss Iceland

Fanfest

. . . . . . will be a bit more dramatic than usual, i guess.

Alpha Market Trading - 1.2 billion

9 March 2026

The background to this series: i aiming to use Regional Trading between Jita and Dodixie to take an alpha account to Omega status.

My wealth is 1.2 billion.

This is day 30 of this project.

Things have been slower in the last few days.  Main reason is that the competition for items valued at over 40 million is higher and then combine that with updating prices with a high Broker Fee mans that profits can be quickly depleted if sales are low vs updating volumes are high.

Therefore, focusing on items that sell at least once a day is important.  No more items that sell once ever two or Three days if there is active competition around.

Hence, i have gone back to selling the cheaper blueprints because they sell well and are highly profitable, as well as looking for the higher value items to sell.

Sell Orders now in Dodixie

Each character has a maximum of 17 order slots = 17 x 3 = 51 slots in total.

Right now i am using 37 slots, so 14 spare slots.

Comes to a total of 1.4 billion isk as Sell Orders.

Current Wealth.

If i only look at ISK + Market Orders + Items in Inventory that are to be sold (so ignore my catalyst, ammo etc), then my worth is 1.2 billion which is made up from

ISK 88m

Inventory 0m

Sell Orders 1392m

Provision 278m

I have always taken a 20% provision against my Sell Orders which reflects the Transaction Tax that will be paid when the items sell + the cost of reducing the price to keep it competitive if required + the eventual reduced price when sold.  In reality, i rarely end up needing this provision.  But lets keep things conservative and understand that the only ISK is ISK.  Everything else is an approximation until sold.