Saudi’s Savvy Games to Acquire Mobile Games Maker Scopely for $4.9 Billion

By Daisy On Apr 6, 2023

Last Updated: April 06, 2023, 02:15 IST

Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella. (Image: Scopely Twitter)

Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella

Savvy Games Group, wholly owned by Saudi Arabia’s Public Investment Fund (PIF), has agreed to acquire Scopely, a maker of mobile games based in Culver City, California, for $4.9 billion, the companies said on Wednesday.

Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella, they said in a statement, noting the deal will “strengthen Savvy’s global position” and enable Scopely to accelerate growth.

Last year, state news agency SPA said Savvy would invest 142 billion riyals ($37.85 billion) in initiatives aimed at making the kingdom a global hub for gaming.

In February, Savvy bought a $265 million stake in the Chinese E-sports company VSPO backed by Tencent Holdings Ltd.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)

Rohit

Rohit is a News18.com journalist with a passion for world affairs and a love for football. Follow him on Twitter at @heis_rohit…Read More

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