Embracer with new investor from Saudi Arabia

In May, the Swedish Embracer Group announced that it had bought the three developer studios Crystal Dynamics, Eidos-Montréal and Square Enix Montréal. In addition, the Swedes have secured the brands Tomb Raider, Deus Ex, Thief and Legacy of Kain. Now it has become known that the Embracer Group is getting a new investor. That’s how he did it Public Investment Fund from Saudi Arabia shares in the company secured. Prince Mohammed bin Salman’s sovereign wealth fund has acquired a total of 8.1 percent of Embracer’s shares through the Savvy Gaming Group. However, Swede Laris Eric Olof Wingefors still owns the most shares in Embracer with 19.7 percent, followed by Savvy Gaming Group with 8.1 percent.

Saudi Arabian sovereign wealth fund already owns shares in EA, Take-Two Interactive. Capcom, Activision Blizzard

For the prince, Embracer is another investment in the video game industry. PIF already owns small shares in the game publishers EA, Take Two Interactive, Capcom and Activision Blizzard. With these investments, Saudi Arabia wants to position itself more broadly in the future and not just make money from the sale of oil. The English football club Newcastle United also belongs to the sovereign wealth fund. Saudi Arabia and its leader are repeatedly criticized for disregarding human rights. The CIA blamed Prince Mohammed bin Salman for the assassination of Washington Post journalist Jamal Khashoggi. In addition, homosexuality is still a criminal offense in Saudi Arabia.

The Embracer Group, formerly THQ Nordic, now includes 124 developer studios. In addition to taking over Tomb Raider, Borderlands maker Gearbox was also acquired in February 2022. Previously, Saber Interactive, the developer behind Snowrunner, had already been incorporated. The Munich publisher Koch Media has also been part of Embracer since the beginning of 2018. The Embracer Group employs a total of 14,000 people, including 10,000 game developers. The American comic book publisher Dark Horse has been part of the Embracer Group as an independent business unit since December 2021. Independent of brands like Deus Ex, Square Enix is ​​working on a remake of Just Cause in Asia. Meanwhile, Embracer developer Saber Interactive is working on a remake of Star Wars: Knights of the Old Republic.

Also worth reading: Knights of the Old Republic: Saber Interactive involved in the remake

Collection on Embracer Group’s new investor:

• The Embracer Group from Sweden has got a new investor with Savvy Gaming Group. This is a group that belongs to the sovereign wealth fund from Saudi Arabia. The Public Investment Fund from Saudi Arabia holds 8.1 percent of the company’s shares.
• Behind the Public Investment Fund is Prince Mohammed bin Salman, who wants to make his country less dependent on oil and is therefore investing in the video game industry, among other things.
• The prince is controversial because the CIA holds him responsible for the murder of journalist Jamal Khashoggi and human rights violations continue to occur in Saudi Arabia.
• The Embracer Group now includes 124 development studios and the comic book publisher Dark Horse. In May it was announced that Tomb Raider, among other things, now belongs to the Embracer Group.

Source: Eurogamer