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Saudi Arabia's Public Investment Fund (PIF), a sovereign wealth fund chaired by crown prince Mohammed bin Salman, has acquired a 5.01% stake in Nintendo, Bloomberg reports. The purchase is set to make PIF Nintendo's fifth-largest shareholder.
The news was announced in a filing to Japan's Finance Ministry. According to Nintendo's spokesperson, the company has learned of the investment from news reports and declined to further comment on the matter.
This is the fund's third investment in a Japanese company. Previously, it acquired more than 5% of Capcom's shares. Besides, the fund has more than a 5% stake in the South Korean online games provider Nexon. The total amount of its investments exceeded one billion dollars.
Over the past two years, the $500 billion fund has invested in various video game companies and e-sport firms. In February 2021, PIF invested over $3 billion in Activision Blizzard, Electronic Arts, and Take-Two. The fund has also acquired a 96% stake in the Japanese company SNK, which owns the Metal Slug, Samurai Shodown, and The King of Fighters franchises.
According to Bloomberg, the purchase of Activision shares made Saudi Arabia's fund lose its money until Microsoft announced the purchase of the corporation for $69 billion.
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