PIF shifting $12bn gaming portfolio to Savvy
Saudi Arabia’s Public Investment Fund (PIF) is reportedly transferring $12 billion of gaming company shares to its subsidiary Savvy Games Group.
The transfer will shift stewardship of PIF’s gaming investments to Savvy, Savvy spokesman Amar Batkhuu told Bloomberg.
Savvy is a core component of the national gaming and esports strategy, he added.
The company has no plan to change its investment strategy and will continue with PIF’s hands-off approach, Batkhuu said.
Following the transfer, Savvy will own almost 10 percent of Koei Tecmo Holdings, NCSoft Corporation, Nexon Company and Square Enix Holdings, Bloomberg reported.
Further reading:
- PIF prepares for ‘leaner, meaner, but more profitable’ future
- Video: Gulf wealth funds tilt towards emerging markets
- Adia backs IPO of Chinese AI startup MiniMax
In November, Savvy was reported to be in talks with China’s ByteDance to buy the latter’s gaming studio.
Saudi Crown Prince Mohammed bin Salman laid out a SAR142 billion ($37.8 billion) strategy for Savvy in September 2022 to make the kingdom “the ultimate global hub for the games and esports sector by 2030”.
The PIF subsidiary agreed to acquire California-based Scopely, a mobile game developer, for $4.9 billion in 2023.
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