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