A new report has recently revealed the details of the collapsed major strategic partnership with Embracer Group.
According to Axios’ new report, Embracer Group’s mysterious $ billion major strategic partnership which collapsed last May 2023 was with Saudi Arabia’s funded company Savvy Games. It caused the company’s shares to drop by 40 percent thus changing its strategy to cut away some major costs.
Embracer explained it had reached a verbal commitment in October 2022 that would have resulted in more than $2 billion in contracted development revenue over a period of six years. Unfortunately, the other party let go of the deal at the last minute. Embracer declined to confirm who its proposed partner was at the time of its announcement, but this new report has shed light on it.
According to Axios, it claims it was the Saudi government-funded Savvy Games Group. This was the gaming-focused arm of the Saudi investment fund that was set up by the controversial Prince Mohammed bin Salman. While Axios’s sources state that it was Savvy Games Group, it could not determine its reason for walking away from the proposal.
The Embracer Group has not released a statement to confirm or deny these new claims.
