A Reversible Theory of Entanglement and its Relation to the Second Law

We consider the manipulation of multipartite entangled states in the limit of many copies under quantum operations that asymptotically cannot generate entanglement. In stark contrast to the manipulation of entanglement under local operations and classical communication, the entanglement shared by two or more parties can be reversibly interconverted in this setting. The unique entanglement measure is identified as the regularized relative entropy of entanglement, which is shown to be equal to a regularized and smoothed version of the logarithmic robustness of entanglement.