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EMBRACER GROUP ADDRESSES INVESTMENT QUESTIONS
[ 11 June 2022 ]
Lars Wingefors, CEO of Embracer Group, has released a statement addressing questions raised over a recent share issue to Savvy Gaming Group, chief among those the rationale behind the decision.
Saudi Arabia's Public Investment Fund will acquire 8.1 percent of the shares in Embracer Group, and 5.4 percent of the votes in the company, the Swedish gaming giant announced on 8 June 2022.
"Since our announcement two days ago regarding the investment by Savvy Gaming Group (SGG) I have received many questions. I would like to share some background and to provide you with a rationale for our decision. I understand and respect that there are different views on this topic."
"I have been asked over the past few days why we are accepting investment from an entity in a non-democratic country. To start, we need to look ourselves in the mirror, we are a public company and already have many hundreds of institutions from all parts of the world as shareholders, including investors from the Middle East and Africa (MENA) and Asia region."
"I want to be clear that Embracer will continue to be operated by me, our operative CEOs and management teams across the entire Group. Embracer is built on the principles of freedom, inclusion, humanity and openness. The transaction with SGG will not change this in any way."
Embracer Group has agreed to acquire Eidos, Crystal Dynamics and Square Enix Montreal and a catalogue of IPs including Tomb Raider, Deus Ex, Thief, Legacy of Kain and more than 50 back-catalogue games from Square Enix Holdings Ltd. Embracer Group, owners of Borderlands creator Gearbox Software, previously acquired Dark Horse Media, publishers of the Tomb Raider comic book series starring Lara Croft.