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Savvy Gaming Group, an funding group from Saudi Arabia, has invested deeply into Embracer Group. For $1 billion {dollars} from Saudi Arabia’s Public Funding Fund (PIF), Embracer shared out 99.9 million B-shares. This allotment equals an 8.1% stake within the Swedish online game and media holding firm.
“Savvy Gaming Group has dedicated to speculate closely within the video games and esports trade and to materially strengthen the worldwide video games group,” mentioned Brian Ward, CEO of Savvy Gaming Group. “This funding in Embracer Group is a place to begin for a long-term dedication to the corporate.”
The primary half of 2022 has been attention-grabbing for Saudi Arabia’s PIF. Earlier this 12 months, Savvy Gaming Group bought esports corporations ESL and Face It in a $1.5 billion greenback deal. The PIF additionally bought stakes above 5% in each Capcom and Nexon for reportedly greater than $1 billion per stake.
“Savvy Gaming Group’s funding of $1 billion permits us to proceed executing our technique proactively from a place of power throughout the worldwide gaming trade,” mentioned Lars Wingefors, CEO of Embracer Group, in a press release. “Over the previous few years, Saudi-based entities have change into probably the most vital buyers within the international gaming market, and the video games market in MENA is likely one of the world’s quickest rising, with $5.7 billion in 2021 revenues and extra energetic players than both the US or Western Europe.”
Embracer Group has been on a shopping for spree for the previous few years, buying numerous giant studios. Amongst these acquired are studios resembling Gearbox Leisure, Espresso Stain, THQ Nordic, and extra. With this funding, the media large can afford to develop a bit extra.
Embracer now owns 120 sport studios and it has 230 video games in improvement.
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