The post Savvy Gaming Group grows its investment in gaming by securing $1 billion shares in Embracer Group appeared first on Esport Bet.
]]>According to a statement provided by Embracer Group, it has been issued about 99.9 million B shares at a subscription fee of 103.47 Swedish Kronas (SEK), which translates to approximately SEK 10.3 billion, or just over $1 billion. With the deal, Savvy Gaming Group currently owns 8.1 percent of the company’s shares and 5.4 percent of the votes.
Chief Executive Officer of Savvy Gaming Group, Brian Ward says Savvy Gaming Group has pledged to make significant investments in the gaming sector as well as to enhance the worldwide gaming market. This deal is the first step in a long-term relationship with the company, and they are positive that with the team they will provide huge value in the gaming scene.
“Savvy Gaming Group has committed to invest heavily in the games and esports industry and to materially strengthen the global games community. This investment in Embracer Group is a starting point for a long-term commitment to the company. The Embracer team has built a truly unique and leading ecosystem of entrepreneurs and creators at a scale which we believe will continue to generate enormous value for the games community in the coming years. We are very much looking forward to strengthening our relationship and supporting Embracer as they execute on their global strategy.”
According to Lars Wingefors, Founder and Chief Executive Officer of Embracer Group, Embracer is made up of dedicated individuals and enterprises with protracted goals. And with their decentralized operating style, they promote flexibility and efficiency and generate spontaneous benefits that are viable across the company environment.
“Embracer is comprised of passionate people and entrepreneurs with ambitious long-term visions. Our decentralized operating model empowers people, fosters autonomy and speed, and creates sustainable organic synergies across the group ecosystem. Our strategy includes having a diverse range of forward-looking shareholders who support our long-term business plans. Savvy Gaming Group’s investment of $1B enables us to continue executing our strategy proactively from a position of strength across the global gaming industry. Over the past few years, Saudi-based entities have become one of the most significant investors in the global gaming market, and the games market in MENA is one of the world’s fastest growing, with $5.7B in 2021 revenues and more active gamers than either the United States or Western Europe.. ”
Gearbox Entertainment, THQ Nordic, Dark Horse Comics, Deep Silver, and Saber Interactive are among the media parent businesses and game development studios owned and operated by Embracer Group.
The Public Investment Fund, a Saudi Arabian sovereign wealth fund with over $600 billion in assets worldwide, including the Newcastle United soccer club and significant holdings in Uber, Boeing, Facebook, and Disney, owns 100% of Savvy Gaming Group. This year, the PIF added a 5% position in Nintendo to its portfolio of gaming investments, which already included stakes in Activision Blizzard, Electronic Arts, and Take-Two Interactive.
In January 2022, the Savvy Gaming Group made a significant move in esports by acquiring and integrating two of the industry’s largest event organizers, ESL and FACEIT, for around $1.5 billion. Due to public and internal opposition to the first deals’ disclosure, both Riot Games (through the LEC) and another organizer in BLAST cancelled deals with NEOM (a Saudi city development project funded by the PIF) in 2020.
Embracer stated in a statement today that the purchase profits will be utilized to bolster the company’s financial condition, allowing it to continue purchasing additional game publishers and development teams to complement its existing activities.
The post Savvy Gaming Group grows its investment in gaming by securing $1 billion shares in Embracer Group appeared first on Esport Bet.
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