Savvy Gaming Group, a subsidiary owned by Saudi Arabia’s Public Investment Fund (PIF), has acquired a $1.05 billion stake in the Embracer Group, the new parent company of tabletop gaming giant Asmodee.
The sale makes the Saudi’s the second-largest investor in Embracer giving them approximately 8.1% of shares and 5.4% of the votes in the company.
While PIF has been around since the 1970s, the Savvy Gaming Group is new, having only launched last year.
Both have been busy.
Last month PIF purchased a 5% share in Nintendo. It purchased a 97% stake in Japanese gaming group SNK Corporation. It has also invested in Activision Blizzard, EA and Take-Two Interactive.
Savvy is being led by CEO Brian Ward, the former head of worldwide studios at Activision Blizzard.
Founder and CEO of the Embracer Group, Lars Wingefors said the relationship with Savvy will enable the company to set up a regional hub in Saudi Arabia.
He also expects Embracer to make investments across the region, either organically, via partnerships, joint ventures, or by acquisition.
Embracer purchased Asmodee from PAI Partners in January for about $3 billion.
It just recently released Asmodee financial information.
With so much of Embracer centered in video games, it is unclear how this will impact Asmodee and tabletop gaming within Embracer.