Saudi group reportedly abandoned $2 billion deal with the Lord of the Rings game company

Illustration by Alex Castro / The Verge Embracer group was forced to halt its breakneck pace of acquisitions after

Illustration by Alex Castro / The

Embracer was forced to halt its breakneck of acquisitions after mysterious partner left a $2 billion deal intended to drive its continued ambitions. Now, we might know who the partner is: reported today that Savvy Games Group is the party that backed out of the deal in May. Savvy is owned by ' sovereign Public Investment Fund and is the vehicle through which the Middle Eastern country funnels investments in the games industry.

After the deal blew , Embracer announced it was “restructuring” and that it would shut down or sell studios and pause some game development. In a filing, the group said it expects to finish that on October 1st and has already begun its studio pruning.


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