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Saudi Arabia Public Investment Fund buys 5% stake in Nintendo

The PIF said that it acquired this stake "for investment purposes"

Saudi Arabia's Public Investment Fund has taken a 5.01% stake in Nintendo.

The PIF said that it acquired this stake "for investment purposes," Bloomberg reported.

The publication added that a spokesperson said that Nintendo learned about the investment from news reports and didn't want to comment on individual shareholders.

Earlier this year, the Saudi Arabian fund acquired a stake of more than 5% in Capcom and Nexon, with a combined value of over $1 billion.

In April, it also acquired a 96% stake in King of Fighters developer SNK.

Back in 2021, the PIF invested over $3 billion of stock in Activision Blizzard, Electronic Arts, and Take-Two Interactive.

In its financial results for the fiscal year ended March 31, 2022, Nintendo reported a 3.6% dip in sales to $13.1 billion, due to the semiconductor shortage, with Switch shipments declining 20% year-on-year.

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