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

Saudi Arabia's powerful Public Investment Fund buys a 5% stake in Nintendo ahead of the company's new 10-for-1 stock split.

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

Saudi PIF buys 5% Nintendo stake for $3 billion before 10-for-1 split 554

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.

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NEWS SOURCE:bloomberg.com

Derek joined the TweakTown team in 2015 and has since reviewed and played 1000s of hours of new games. Derek is absorbed with the intersection of technology and gaming, and is always looking forward to new advancements. With over six years in games journalism under his belt, Derek aims to further engage the gaming sector while taking a peek under the tech that powers it. He hopes to one day explore the stars in No Man's Sky with the magic of VR.

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