Swedish company Embracer Group reportedthat the Saudi Arabian Fund, through its subsidiary Savvy Gaming Group, acquired an 8.1% stake in the holding for a billion dollars.
As a consequence of this agreement, the Saudi Arabian Sovereign Fund (PIF) became the second largest shareholder of Embracer Group. Embracer founder and CEO Lars Wingefors commented on the agreement:
Savvy Gaming Group’s $1 billion investment allows us to continue to actively pursue our strategy from a position of strength in the global gaming industry.
Earlier, the Saudi Arabian Sovereign Fund bought a 5.01% stake in Nintendo, but none of the parties disclosed the amount of the transaction.
Capcom and Nexon shares were also bought for $1.2 billion. In addition, the fund bought a 2.57% stake in Korean NCSoft for $235 million, and a month ago, the Crown Prince of Saudi Arabia bought 96.18% of SNK shares – this prince is the owner of the Sovereign Fund.
In February 2021, the same Saudi Arabian Sovereign Fund bought shares in Activision Blizzard, EA and Take-Two worth over $3 billion. According to Bloomberg, the fund was losing money on an investment in Activision Blizzard, but until the corporation decided to buy Microsoft for $69 billion.