Saudi Wealth Fund’s Savvy Gaming Takes Stake in Swedish Embracer - Bloomberg
Embracer Group AB has sold close to 100 million shares to Savvy Gaming Group through a directed share issue, making it the Swedish gaming firm’s second largest owner after founder and Chief Executive Lars Wingefors.
Savvy Gaming was started earlier this year by Saudi Arabia’s The Public Investment Fund with the intention to develop games locally and abroad. It bought a stake of 8.1% in Embracer for 10.3 billion kronor ($1.05 billion) for 103.47 kronor per share, representing a premium of 15% from the closing price on June 7.
Embracer last month said it was in talks with potential long-term strategic investors. A rapid acquisition pace has helped the company become one of Europe’s largest gaming firms, and it has said it is looking to move to Nasdaq Stockholm’s main market to help broaden the investor base.
The relationship with Savvy Gaming will let Embracer set up a regional hub in Saudi Arabia from which it will be able to make investments in the region, Embracer’s Wingefors said in a statement. The proceeds from the share issue will be used to continue the acquisition strategy.
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