Saudi Arabia’s sovereign wealth fund continues to bet on the gaming space, this time by investing more than $1 billion for a stake in a Swedish video game maker.

The Public Investment Fund (PIF) owned Savvy Gaming Group, will purchase 99.9 million B shares at a subscription price of 103.47 kronor a share, from Swedish videogame holding company Embracer Group for around 10.3 billion Swedish kronor ($1.05 billion).

The fund launched the gaming and e-sports group in January this year after it purchased ESL Gaming in a cash transaction worth $1.05 billion.

"Savvy Gaming Group's investment of $1 billion enables us to continue executing our strategy proactively from a position of strength across the global gaming industry," said Lars Wingefors, founder and chief executive of Embracer in a statement on Wednesday.

(Reporting by Brinda Darasha; editing by Seban Scaria)