A Saudi Arabian company has bought a stake in Embracer Group for $1 billion
Embracer Group has signed a deal with Savvy Gaming Group, a subsidiary of Saudi Arabia’s Sovereign Wealth Fund. It sold 8.1% of standard and 5.4% of voting shares, receiving 10.3 billion Swedish kronor ($1.05 billion) in return
The Swedish holding is going to spend this money on further purchases of studios and games, including in the Middle East and North Africa. Embracer Group also plans to open a division in Saudi Arabia.
Saudi Arabia’s Sovereign Wealth Fund (aka PIF) regularly invests in gaming companies. For example, a month ago he acquired 5% of Nintendo. He has previously invested in Activision Blizzard, Electronic Arts, Capcom, Nexon and NCSOFT.
