Saudi Arabia Buys $1 Billion Share of Giant Gaming Group, Embracer
The Swedish, giant gaming group, Embracer, has had $1 billion in shares purchased by Saudi Arabia.
Embracer is the parent company to numerous publishing and development studios like THQ Nordic, Saber Interactive, and Gearbox Entertainment.
Once the deal is completed, Saudi Arabia’s Public Investment Fund (PIF), via its subsidiary, Savvy Gaming Group, will be the second-largest owner of Embracer group shares. According to a press release from Embracer, this will give Savvy “approximately 8.1 percent of the shares and 5.4 percent of the votes in the Company.”
In the press release, Lars Wingefors, CEO of Embracer said, “Our relationship with Savvy Gaming Group will enable us to set up a regional hub in Saudi Arabia, from which we will be able to make investments across the MENA region, either organically, via partnerships, joint ventures, or via acquisitions of companies led by strong entrepreneurs.”
PIF is a fund chaired by Crown Prince of Saudi Arabia, Mohammed bin Salman. Prince Salaman’s goal is to make the country less dependent on oil. Early last year, he invested billions in stocks in Take-Two, EA, and Activision-Blizzard. Earlier this year, Savvy Gaming Group acquired two of the world’s biggest esports companies for $1.5 billion.
As of late, Embracer has been no stranger to being in the news. They most recently acquired Eidos, Crystal Dynamics, and Square Enix Montreal in May, home of IPs like Tomb Raider, Deux Ex, and Legacy of Kain. It has also acquired Dark Horse Comics, 3D Realms, Ghost Ship Games, Gearbox, and many others in recent years.
Casey is a freelance writer for IGN. You can usually find him talking about JRPGs on Twitter at @caseydavidmt.
Check out our Latest News and Follow us at Facebook
Original Source
