Saudi PIF buys 5% Nintendo stake for $3 billion before 10-for-1 split

Saudi Arabia now owns 5% of Nintendo's total shares, Bloomberg reports.

Saudi Arabia's Public Investment Fund (PIF), a sovereign financing account with an estimated $600 billion in assets, has purchased 5% of Nintendo's overall shares to secure long-term earnings.

Saudi's PIF stake purchase represents 6,493,450 shares worth a total of $3 billion (384.86 billion yen). According to stock ownership data, the PIF is now the second-largest Nintendo stakeholder behind the Master Trust Bank of Japan, who owns nearly 13% of shares.

The Public Investment Fund's stake will be reduced when Nintendo's 10-for-1 stock split is implemented in September 2022.

The wealth fund also holds other gaming stakes including $3 billion in combined share worth in Activision-Blizzard, Electronic Arts, and Take-Two Interactive. It also holds a 5% stake in Capcom and Nexon worth a combined $1 billion.