The Public Investment Fund made its second $1 billion investment in the Swedish gaming industry as part of a global push to increase holdings in video game developers and e-sports companies.
After acquiring nearly 100 million shares in Embracer Group AB, the PIF’s Savvy Gaming Group will become the second-largest shareholder in the Karlstad-based company. Savvy made a similar-sized acquisition in January when it bought Modern Times Group’s e-sports subsidiary for $1.05 billion.
PIF’s Savvy Gaming Group will become the second-largest shareholder in the Karlstad-based company
The PIF is stepping up its efforts in the continually expanding and evolving gaming industry. The fund bought a 5.01% interest in Nintendo in May of this year, making it its third investment in a Japanese video game company.
The fund bought a 5.01% interest in Nintendo in May of this year
Embracer’s CEO Lars Wingefors said in a statement that the partnership with Savvy will allow the company to establish a regional base in Saudi Arabia from which it will be able to make investments in the region. The funds raised from the stock offering will be utilized to continue the company’s acquisition strategy.
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