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It merged in 2006, with Bandai. The combined company is anything but defunct, and their IP is not abandoned or up for grabs.

Trademarks are up for grabs when they're abandoned—which this one is. Whether the company still exists is a separate matter.

I think it'd be safe to assume that Bandai Namco holds the IP of the former Namco

Ace Combat 7 was published by Bandai Namco in 2019.