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Saudi Arabia’s Savvy Games Reportedly The Partner Who Backed Away From Embracer Groups $2 Billion Deal That Fell Through

With the amount of IP and studios Embracer Group was acquiring, it was almost commonplace to see the news of another acquisition or partnership, though back in May a piece of news stuck out like a sore thumb among the rest, that one of its deals had actually fallen through.

Not just any deal though, a $2 billion partnership that was meant to be announced and collapsed a day before the news was meant to go public.

At the time of the announcement, Embracer Group did not disclose who this partner was, though a report from Axios claims that it was the Saudi Arabia-funded Savvy Games who backed away from the deal.

Axios cites four sources who had knowledge of the deal but stayed anonymous as they were not permitted to speak on it publicly, and documentation that the publication reviewed.

The deal falling through meant that Embracer shares took a nose dive, and the company has since had to engage a new restructuring plan, which has meant studio shutdowns and layoffs.

What remains the mystery it was when Embracer announced the deal didn’t go through is exactly why it didn’t go through.

Source – [Axios]