Saudi PIF Takes Stake in Embracer Group
Posted on 06/08/2022
Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF) purchased an 8.1% stake, around 99.9 million shares, worth 10.3 billion Swedish krona (US$ 1.05 billion) in Swedish gaming business Embracer Group. The Public Investment Fund’s Savvy Gaming Group (SGG) was launched in January 2022. PIF is betting on games and entertainment as a major area of growth. Embracer plans to set up a regional center in Saudi Arabia on the back of the relationship with SGG.
“Savvy Gaming Group has committed to invest heavily in the games and e-sports industry, and to materially strengthen the global games community,” said SSG chief executive Brian Ward.
“This investment in Embracer Group is a starting point for a long-term commitment to the company. The Embracer team has built a truly unique and leading ecosystem of entrepreneurs and creators at a scale which we believe will continue to generate enormous value for the games community in the coming years.”
PIF had made investments in a wide range of gaming companies including Nintendo, Activision Blizzard, Electronic Arts, and Take-Two Interactive.
