HomeNEWSSaudi Arabia's Public Investment Fund Acquires $1 Billion Stake In Embracer Group

Saudi Arabia’s Public Investment Fund Acquires $1 Billion Stake In Embracer Group

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Image: Embracer Group

Following a collection of video game firm acquisitions made by Saudi Arabia’s Public Investment Fund just lately, the state-run wealth fund has now spent $1.05 billion to buy an 8.1% stake in Embracer Group.

That stake will make the PIF’s Savvy Gaming Group the second-largest shareholder in Embracer, in keeping with Bloomberg. This follows current investments by the PIF and its subsidiaries in gaming corporations resembling Capcom (5%), SNK (96%), and Nintendo (5%).

Embracer itself is one in every of Europe’s largest and fastest-growing video game corporations. The Swedish agency was itself within the information in the beginning of May after buying a number of big-name IPs and related studios from Square Enix, together with Crystal Dynamics and the Tomb Raider collection, plus Square Enix Montreal and Eidos-Montreal together with Deus Ex, Thief, Legacy of Kain and others. Embracer additionally picked up Borderlands developer Gearbox again in February 2021 and the writer owns a bunch of different teams together with THQ Nordic, Koch Media, Saber Interactive, DECA Games, and Dark Horse.

Lars Wingefors, Embracer Group’s founder and group CEO. had this to say of the inventory acquisition in a notice shared on the corporate’s web site:

Our relationship with Savvy Gaming Group will allow us to arrange a regional hub in Saudi Arabia, from which we will make investments throughout the MENA area, both organically, through partnerships, joint ventures, or through acquisitions of corporations led by sturdy entrepreneurs.”

The PIF’s investments have drawn scrutiny and criticism from different nations in recent times because of Saudi Arabia’s human rights file, which is tracked and reported on by organisations resembling Amnesty.

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