Saudi PIF acquires 8.1% stake in Embracer Group

Saudi Arabia’s Public Investment Fund (PIF) has acquired 8.1% stake in Swedish game maker Embracer Group as part of the sovereign wealth fund’s efforts to build stakes in game companies.

Embracer added in a statement that the move makes The PIF’s Savvy Gaming Group the second largest owner in Embracer Group AB after acquiring 99M shares in the Karlstad-based company, according to CNBC Arabia.

The Saudi Fund, which manages assets worth $600 billion, will acquire 8.1% of shares and 5.4% of votes in Embracer.

It is noteworthy that the PIF is building stakes in game companies. It recently acquired 5% of Nintendo shares last May.