The Saudi Public Investment Fund (PIF) has invested $1 billion in Embracer Group, a gaming conglomerate owned by Gearbox, Saber Interactive, THQ Nordic and Deep Silver.
PIF subsidiary Savvy Gaming Group (SSG) invested around 8.1% and 5.4% of the company.
Savvy Gaming Group, a parent company owned by Saudi-owned ESL, DreamHack and FACEIT, bought 8.1% of Embracer Group for $1 billion.
Embracer broke the news in May by buying IP and a number of studios from Square Enix for $300 million.
The Saudi PIF also bought 5% of Nintendo in May. pic.twitter.com/Pa5FeZ14xD
Adam Fitch (@byadamfitch) June 8, 2022
Bin Salman’s PIF has invested heavily in the gaming industry. He also has stakes in EA, Take-Two Interactive, Capcom, Activision Blizzard and last month Nintendo. Some analysts describe the investment as an attempt to divert Saudi Arabia’s main source of funding from oil in the face of growing demand for renewable energy.
The PIF is chaired by the controversial Saudi Crown Prince Mohammed bin Salman, the effective leader of the authoritarian Saudi regime. Homosexuality is a crime in the country – even punishable by death in some cases – and the CIA accuses Bin Salman of “great self-confidence” in the murder of Washington Post journalist Jamal Khashoggi.
Embracer Group is in the process of acquiring its own company, which last month bought Crystal Dynamics, Edios-Montreal and Square Enix Montreal and several of its biggest IPs. It also creates a video game archive to help preserve the history of the medium.
Source : dbl tap
