Do we know anything about the buyer? Are they going to do anything or just sit on the IPs and sell them off again?
They bought the devs along with the IPs.
Embracer was formerly THQ Nordic, who was formerly Nordic Games until they bought all the IP from the bankrupt THQ, including its name. Then they restructured so now THQ Nordic is a publisher under Embracer, and Embracer separately own various companies.
It's structure is very complicated, but they own Gearbox (Borderlands devs), Koch Media/Deep Silver (publisher of Metro, Dead Island, Shenmue III, Mighty No. 9, other games), Saber Interactive (support dev on remasters/ports like Halo, Crysis, Witcher 3, make lower-budget games), and they even own Dark Horse Comics.
After buying the rights to Darksiders from THQ and its dev's corpses, they had a studio of ex-Darksiders devs continue work on Darksiders III (who Embracer later acquired), and set another studio of ex-Darksider devs to work on a spin-off.
When they acquired the TimeSplitters IP, they reformed the long gone/displaced Free Radical Design who are working on a new TimeSplitters game.
And other games companies they've acquired have been operating as usual. I don't really like the mass consolidation in the gaming industry, but Embracer have saved a lot of devs and are allowing a lot of AA and niche games to still be made.