RIYADH: Saudi Arabia’s efforts to become a global gaming hub received a further push after Savvy Games, owned by the Public Investment Fund, completed the acquisition of Scopely, a leading video gaming firm, for $4.9 billion.
The acquisition decision, which was agreed upon in April, has now been completed following the receipt of the required regulatory approvals, according to a press release.
Turning Saudi Arabia into a global leader in e-gaming is one of the goals outlined in Vision 2030, and this acquisition, touted to be one of the biggest in the industry, is expected to catalyze the growth of the sector in the Kingdom.
“The recent success of their (Scopely) newest game Monopoly Go! is indicative of Scopely’s ongoing position at the forefront of the global games sector, underpinned by their ability to reach diverse audiences through compelling player experiences,” said Brain Ward, CEO of Savvy Games Group.
He added: “With the support of Savvy’s long-term investment, Scopely will continue driving innovation in the games sector for decades to come.”
Scopely is into developing free-to-play franchise games, including Star Trek Fleet Command, Stumble Guys, Scrabble Go and Yahtzee with Buddies.
According to the press release, Scopely will join Savvy as an autonomous business unit. This acquisition will allow Scopely to build on its cross-platform approach to extend its services to new segments like PC, console, and other gameplay genres.
“By combining our expertise and resources with Savvy Games Group, we will build an even brighter future for the games industry,” said Walter Driver, Scopely co-CEO.
Javier Ferriera, co-CEO of Scopely, added: “As part of the Savvy Games Group portfolio, we will be able to harness the collective power of our creativity, dedication to innovation, and world-class talent to shape the future of games.”
For Savvy Games Group, J.P. Morgan acted as lead financial adviser for this transaction, while Latham and Watkins acted as legal adviser.
In May, Saudi Esports Federation and Savvy Games Group announced a yearlong sponsorship agreement to showcase Savvy’s brands across the SEF ecosystem, including Gamers Without Borders and Gamers8: The Land of Heroes.
