Eurazeo announced that it has entered exclusive discussions with European private equity firm PAI Partners for the sale of its ownership stake in Asmodee. According to the announcement, the sale is expected to close in the fourth quarter and puts a value on the company of €1.2 billion.

In four years, revenue grew from €125 million, generated 48% in France, to €442 million, generated 75% internationally, representing an average annual growth rate of 37%.

Eurazeo said that since its first investment in Asmodee, the company has completed 20 acquisitions. Publishing revenues for Asmodee now represent almost two-thirds of total game sales.

Future owner PAI, which specializes in consumer products, stated that it “intends to support the current management team in its plans to grow the business further through international expansion both organically and by acquisition.”