Embracer Group's $2 Billion Deal with Saudi-backed Savvy Games Ends in Failure

Embracer Group's failed $2 billion deal, which caused its stock to plummet, was with Savvy Games Group, backed by the Saudi Arabia Public Investment Fund (PIF) led by crown prince Mohammed bin Salman. The deal, which had been negotiated for seven months, would have set a new benchmark for the gaming industry. It is unclear why Savvy Games Group backed out of the agreement, but Embracer had previously received a $1 billion investment from the Public Investment Fund. The involvement of Saudi Arabia in the gaming industry has drawn criticism due to the country's human rights abuses.