TRENDING NOW: NASA's new James Webb Space Telescope photographs UFOs

Savvy Gaming Group could get a seat on Embracer's board of directors

Savvy Gaming Group's substantial $1 billion investment could earn Saudi Arabia's PIF a seat on Embracer's board of directors.

@DeekeTweak
Published Jun 10, 2022 4:33 PM CDT   |   Updated Mon, Jul 4 2022 6:05 PM CDT

Savvy Gaming Group's $1 billion investment could earn it a seat on Embracer Group's board of directors, provided shareholders agree.

Savvy Gaming Group could get a seat on Embracer's board of directors 1 | TweakTown.com

Saudi Arabia's $100 billion Public Investment Fund recently bought $1 billion worth of Embracer Group shares. The games company recognizes the PIF, which is run by Saudi Arabia's crown prince Mohammad bin Salman, as a long-term investor into its business.

In a lengthy email, Embracer Group CEO Lars Wingefors defends the company's decision to "accept investment from a non-Democratic country" and that he believes Savvy Gaming Group will "genuinely support the global ecosystem for our industry."

The email also states that Wingefors would welcome Savvy Gaming Group's CEO Brian Ward onto Embracer Group's board of directors--pending shareholder approval. Ward has tremendous experience in the games industry and has been part of Microsoft's games division, Activision, and Electronic Arts.

"Questions have been asked about a potential board seat. Ultimately this is a question for shareholders. However, I think it would be relevant to share my view. Brian has a deep industry knowledge that is valuable to Embracer, and I would be supportive if he personally would like to contribute to the board at a later date as long as he is committed to the time needed," Wingefors said in the email.

This expansion has required capital and we have thanks to our shareholders been able to raise approximately USD 2.5 billion since our IPO 2016. In order to stay as an independent company based in Sweden, we have been searching for more international long-term partners with capital that supports our strategy.

For Embracer, there is only a handful of players in the world providing this type of sizable long-term equity capital. Without capital, our journey would notably slow down going forward which could also have many other implications for our businesses. SGG is providing very long-term capital to support our strategy without Embracer having to give up our way of operating or other commercial opportunities.

Buy at Amazon

Borderlands 3 PlayStation 4

TodayYesterday7 days ago30 days ago
$10.02$10.43$14.95
* Prices last scanned on 8/12/2022 at 5:20 pm CDT - prices may not be accurate, click links above for the latest price. We may earn an affiliate commission.

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.

Newsletter Subscription

Related Tags

Newsletter Subscription
Latest News
View More News
Latest Reviews
View More Reviews
Latest Articles
View More Articles