Saudi Arabia's Public Investment Fund (or PIF) has made a series of high-profile investments in recent times, and they just made another, dropping a ludicrous $1.05 billion to purchase an 8.1% stake in the Swedish video game and media holding company, Embracer Group.
This stake makes the PIF's Savvy Gaming Group the second-largest shareholder in the Karlstad-based Embracer.
The founder and CEO of Embracer Group, Lars Wingefors, released a statement on the acquisition and said:
"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.”
Embracer has been in the headlines recently with acquisitions of its own. What do you think about the current spate of acquisitions in the games industry? Purchase a majority stake in the comments section below.