Deal with Saudi investor: Embracer CEO justifies the action
Embracer Group announced last week that the Kingdom of Saudi Arabia, through its Savvy Gaming Group, had made a $1 billion investment and secured an 8.1% stake in the company. This means that the Savvy Gaming Group owns the second largest stake in the Embracer Group after CEO Lars Wingefors with 19.1 percent. In the past, it made headlines by buying up the Crystal Dynamics development studio and securing the Tomb Raider brand, among other things.
Embracer CEO with statement on the new investor
Due to the accusations against Saudi Arabia and its prince Mohammed bin Salman of repeatedly committing human rights violations, Lars Wingefors commented on the Savvy Gaming Group’s investment and justified the deal in a comment. In it he states that he can understand that there are different views on the subject and that the decision to accept the investment was not easy for him. In any case, nothing should change in the management of the Embracer Group.
“I want to make it clear that Embracer will continue to be operated by me, our operational CEOs and management teams across the group,” Wingefors wrote. “Embracer is founded on the principles of freedom, inclusion, humanity and openness. The transaction with SGG will not change that. Embracer is still controlled by the employees of our group.” Lars Wingefors further says that Savvy Gaming Group invested in Embracer because they want to support the current vision, strategy and leadership and have no intention of changing them.
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The Saudi Arabian Public Investment Fund, which the Savvy Gaming Group reports to, is said to already have stakes in other gaming companies such as Capcom, Nexon, Nintendo and ESL, while Embracer is already dealing with several investors from Africa, Asia and the Middle East . Lars Wingefors also explains that Savvy Gaming Group provides long-term capital that Embracer Group urgently needs.
As for the critical stance on Saudi Arabia from a human rights perspective, Lars Wingefors explains that Embracer and SGG have spent the past six months getting to know each other and sharing thoughts on how to work together and difficult ones Discuss topics based on non-game issues related to Saudi Arabia. He is also committed to a policy of equality, diversity and “zero tolerance of all forms of harassment and discrimination.”
Reference-www.pcgameshardware.de