Savvy Games Group, 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.
Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella. 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.
Mohammed bin Salman bin Abdulaziz, Crown Prince, Chairman of Board of Savvy Games Group, has unveiled the strategy of Savvy Games Group focusing on making investment in the electronic games industry and esports.
As a part of Savvy’s investment strategy, the group is set to invest SAR 142 billion across four programs each with specific objectives; SAR 50 billion for the acquisition and development of a leading game publisher to become a strategic development partner, it announced in 2022.
Savvy will invest SAR 70 billion towards minority stake in key companies that support Savvy’s game development agenda. Savvy will also invest SAR 2 billion in industry disruptors to grow early-stage games and esports companies. Savvy will also invest SAR 20 billion into mature industry partners who add value and expertise to Savvy’s portfolio.
In February, Savvy bought a $265 million stake in the Chinese E-sports company VSPO backed by Tencent Holdings.
Scopely has developed and published a range of games on mobile platforms. The company’s portfolio of free-to-play franchises includes Star Trek Fleet Command, Stumble Guys, Scrabble GO, Yahtzee With Buddies, and more.
In June, 2022, Savvy Games Group announced investment of $1 billion for 8.1 percent stake in the Embracer Group of Sweden.
