PIF-owned gaming firm Savvy acquires $1.05bn stake in Swedish rival

RIYADH: Saudi Arabia’s Public Investment Fund-owned Savvy Gaming Group has acquired almost 100 million shares in its Swedish rival Embracer Group, making it the second-largest shareholder in the latter.

The group bought an 8.1 percent stake in Embracer for $1.05 billion, Bloomberg reported.
Savvy was launched by the Kingdom’s sovereign wealth fund earlier this year to develop the video gaming and esports industry.

The move will help the Swedish game development company set up a regional hub in Saudi Arabia and pave the way for investments in the region.