Thursday September 28, 2023

Saudi PIF Levels Up, Make Second $1B Gaming Investment

  • The Public Investment Fund will purchase an 8.1% stake in Embracer Group.
  • The stake is valued at $1.05 billion.
Embracer Group
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The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, will acquire 100 million shares in Embracer Group, marking its second $1 billion investment in Swedish gaming. 

Savvy Gaming Group, a gaming company fully backed by the PIF, will make the acquisition. 

  • The PIF will purchase an 8.1% stake in Embracer.
  • The stake is valued at $1.05 billion

The pending acquisition by Savvy Gaming comes after it purchased Swedish esports tournament and league operators ESL and FACEIT in January 2022 for a combined $1.5 billion

Embracer, a video game and media holding company, has a portfolio that includes more than 230 games. It generated $534 million in revenue in fiscal Q4, a 117% increase year-over-year. 

The holding company has made several acquisitions and mergers over the last few years. 

In November 2020, Embracer purchased 12 game studios and a PR firm in a single day. Last February, it announced plans to acquire mobile game maker Easybrain for $640 million. 

Two months later, Embracer closed its merger with Gearbox Entertainment in a deal worth $1.3 billion. Last month, it agreed to acquire development studios Crystal Dynamics, Eidos, and Square Enix Montreal for $300 million.

Committed to Gaming 

The PIF, led by Saudi Crown Prince Mohammed bin Salman, continues to expand its reach in a global gaming industry expected to hit $222 billion in 2022, per Data.ai.

Last month, the fund acquired a 5% stake in Nintendo for $3 billion. It also has investments in Capcom, Activision Blizzard, EA, and others.

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