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Savvy Gaming Group, an investment group from Saudi Arabia, has invested heavily in the Embracer Group. For $ 1 billion from Saudi Arabia’s Public Investment Fund (PIF), Embrace shared 99.9 million B-shares. The allotment is equivalent to 8.1% stake in Swedish video game and media holding company.
Brian Ward, CEO of Savvy Gaming Group, said: “Savvy Gaming Group is committed to investing heavily in the games and sports industry and to physically strengthen the global gaming community. “This investment in the Embracer Group is the starting point for a long-term commitment for the company.”
The first part of 2022 has been interesting for Saudi Arabia’s PIF. Earlier this year, Savvy Gaming Group bought sports companies ESL and Face It in a 1.5 billion deal. PIF also reportedly bought more than 5% stake in both Capcom and Nexon, reportedly over $ 1 billion per share.
“Savvy Gaming Group’s $ 1 billion investment enables us to continue to actively implement our strategy from a strong position in the global gaming industry,” Lars Wingforce, CEO of Embracer Group, said in a statement. “Over the past few years, Saudi-based entities have become one of the most significant investors in the global gaming market, and the games market in MENA is one of the fastest growing in the world, with revenue of 7 5.7 billion in 2021 and more active gamers.” Either the US or Western Europe. “
The Embrace Group has been acquiring and purchasing several large studios over the years. Acquired studios include Gearbox Entertainment, Coffee Stain, THQ Nordic and more. With this investment, the media giant could grow a bit more.
Embracer now owns 120 game studios and has 230 games in development.
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