Saudi Arabia’s sovereign wealth fund continues to bet on the gaming space, this time by investing more than $1 billion for a stake in a Swedish video game maker.
The Public Investment Fund (PIF) owned Savvy Gaming Group will purchase 99.9 million B shares at a subscription price of 103.47 kronor a share from Swedish video game holding company Embracer Group for around 10.3 billion Swedish kronor ($1.05 billion).
The fund launched the gaming and e-sports group in January this year after it purchased ESL Gaming in a cash transaction worth $1.05 billion.
“Savvy Gaming Group’s investment of $1 billion enables us to continue executing our strategy proactively from a position of strength across the global gaming industry,” said Lars Wingefors, founder and chief executive of Embracer in a statement on Wednesday.
The recent move comes nearly three days after Saudi Arabia’s sovereign wealth fund, said on Sunday it will buy a 23.97 percent stake in Jordan’s leading bank, Capital Bank Group, which ranks as one of the largest banking groups in the Middle East and North Africa (MENA) region.