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Saudi Arabian government’s Public Investment Fund buys 5% stake in Nintendo

The Saudi Arabian government’s Public Investment Fund (PIF) has reportedly acquired a five percent stake in game developer and publisher Nintendo.  The $500bn (~£403bn) fund said it purchased the stake for "investment purposes", according to a filing to Japan’s Finance Ministry reported by Bloomberg.

The PIF is Saudi Arabia’s sovereign wealth fund. It has purchased similar stakes in Japanese game publishers Capcom and Nexon for a combined reported $1bn (~£0.8bn). PIF also owns stakes in EA, Take-Two and SNK through its fund and its subsidiaries.

Saudi’s PIF fully owns Savvy Gaming Group, which bought ESL and FACEIT for a combined $1.5bn (~£1.1bn) in January. The group claimed that Savvy “believes in the future of competitive gaming” in an interview with Esports Insider in January.

Read the full story at eSportsInsider