PIF’s Savvy Gaming Group acquired an 8.1% stake worth $1 billion in Swedish gaming business Embracer Group.
“Savvy Gaming Group has committed to invest heavily in the games and esports industry and to materially strengthen the global games community. This investment in Embracer Group is a starting point for a long-term commitment to the company. The Embracer team has built a truly unique and leading ecosystem of entrepreneurs and creators at a scale which we believe will continue to generate enormous value for the games community in the coming years. We are very much looking forward to strengthening our relationship and supporting Embracer as they execute on their global strategy,” Brian Ward, CEO of Savvy Gaming Group, said.
The group acquired almost 100 million shares in Embracer Group, Embracer plans to set up a regional centre in Saudi Arabia.
“Our strategy includes having a diverse range of forward-looking shareholders who support our long-term business plans. Savvy Gaming Group’s investment of $1B enables us to continue executing our strategy proactively from a position of strength across the global gaming industry. Our relationship with Savvy Gaming Group will enable us to set up a regional hub in Saudi Arabia, from which we will be able to make investments across the MENA region, either organically, via partnerships, joint ventures, or via acquisitions of companies led by strong entrepreneurs,” Lars Wingefors, Founder and Group CEO of Embracer Group, stated.
Earlier this year, the Gaming Group also acquired ESL and FACEIT in a $1.5 billion deal.
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