Savvy Gaming Group, a games and esports company founded and owned by Saudi Arabia's sovereign wealth fund, PIF, agreed to acquire a stake in Embracer Group, a Sweden-based video game and media company, of $1.05bn. "Savvy Gaming Group's investment of $1bn enables us to continue executing our strategy proactively from a position of strength across the global gaming industry," Lars Wingefors, Embracer founder and chief executive.