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Saudi wealth fund takes 8% stake in Tomb Raider developer

By Reuters
Among the gaming assets owned by Sweden's Embracer is the popular game Tomb Raider. Image: Creative Commons

Saudi Arabia’s sovereign wealth fund is taking an 8.1 percent stake in gaming group Embracer via a direct share issue as part of a push into the games and esports industry.

Sweden’s Embracer said in a statement it was issuing 99.9 million shares at a price of 103.47 per share to Savvy Gaming Group which is owned by Saudi Arabia’s $600 billion Public Investment Fund (PIF), raising 10.3 billion Swedish crowns ($1.05 billion).

Upon settlement the fund would hold 8.1 percent of shares and 5.4 percent of votes in Embracer, it said.

PIF has been increasing its exposure to the video gaming industry, most recently it took a 5 percent stake in Nintendo, in May.

Embracer works under a model where founders of acquired companies run their firms as independent businesses with full creative and operational freedom.