While Sony and Microsoft have been acquiring companies in their own unique ways, Saudi Arabia’s sovereign wealth fund has taken a bet on the industry in its own unique way. Saudi Arabia’s sovereign wealth fund recently stated that it has purchased holdings of more than 5% in two well-known Japanese companies, Capcom and Nexon, according to Bloomberg.
Both firms’ total interests are estimated to be worth over $1 billion. The PIF’s overall interest in Capcom is estimated to be worth $332 million, while its 5.02 percent holding in Nexon is estimated to be worth $883 million.
The PIF stated that both of the holdings were solely for investment purposes, as the documents indicate that the most recent purchases in the market occurred between January 25 and January 31.
The PIF has been building stakes in video game studios and esports over the last two years. It started purchasing shares worth 37.9 million shares in Activision Blizzard in late 2020. The same was not profitable up until Microsoft decided to purchase the Call of Duty publisher.