Report: Savvy Games Group backed out of $2bn deal with Embracer
Savvy Games Group has been revealed as the strategic partner that backed out of the $2 billion deal with Embracer Group.
As reported by Axios, sources familiar with the matter revealed the involvement of the Saudi Arabia government-backed gaming firm. They did not have details as to why the deal collapsed.
While the $2 billion partnership fell through, the two companies are still linked to each other. Last year, Savvy Gaming Group bought a $1 billion stake in Embracer, taking about 8% of the firm's shares.
Back in May, the CEO of Embracer Lars Wingefors, said that the abrupt end of the $2 billion deal was due to "external factors."
The following month, the publisher announced a cost-cutting restructuring program, including closing studios such as Campfire Cabal last week.
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