Embracer Gets Saudi Investment [Jun 08, 2022, 12:41 pm ET] – 14 Comments
Bloomberg Reports the Saudi Public Investment Fund has made a $1 billon
investment in Embracer Group, marking the latest big gaming investment from
Saudi Arabia. The country is notorious for
human rights abuses, and the fund's head, Crown Prince
Mohammed bin Salman
has been linked to the murder of journalist Jamal Khashoggi. But the fund is
flush with cash, and cash is king. Here's word on the deal:
The Public Investment Fund’s Savvy Gaming Group will become the second largest owner in Embracer Group AB after acquiring almost 100 million shares in the Karlstad-based company. The move follows a similarly sized acquisition in January, when Savvy bought the e-sports division of Modern Times Group at an enterprise value of $1.05 billion.
The PIF, as the $500 billion fund is known, continues to deepen its push into a gaming sector that is in the grip of consolidation. Last month, the fund took a 5.01% stake in Nintendo Co., marking its third investment in a Japanese games company.
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