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FinancialNews
10-04-23
KSA's Savvy Games Acquires US-based Scopely for USD4.9B, Boosting Kingdom's Gaming Hub Ambitions
(MENAFN) Saudi Arabia's Public Investment Fund's wholly-owned Savvy Games has acquired US-based gaming firm Scopely for $4.9 billion in what is being touted as one of the biggest acquisitions ever in the gaming industry. The move is expected to catalyze Saudi Arabia's efforts to become a global gaming hub, aligning with the Kingdom's Vision 2030 goals. Brian Ward, CEO of Savvy Games Group, noted that their mission is to invest in and grow the global games community by inviting the best minds to join them, and Scopely is one of the fastest-growing games companies with the ability to build loyal, engaged player communities.
Scopely is known for developing free-to-play franchises such as Star Trek Fleet Command, Stumble Guys, Scrabble Go, and Yahtzee with Buddies. Scopely co-CEO Walter Driver expressed his belief that the companies who have built the deepest relationships with their players will succeed. He added that together, as one, they will further expand the possibilities of play, continuing to develop beloved game experiences for players around the world.
J.P. Morgan acted as the lead financial adviser to Savvy in the transaction, with Bank of America and Aream as financial advisers, and Latham and Watkins as legal adviser. Saudi Arabia is now moving ahead to become a gaming hub, with the most crucial step taken in September 2022 when the Kingdom's crown prince Mohammed bin Salman launched the Savvy Games Group's strategy. Under the strategy, the Kingdom will invest $37.7 billion in the industry, aiming to establish 250 game companies in the Kingdom, creating 39,000 jobs, and raising the sector's gross domestic product contribution to SR50 billion by 2030.
Earlier in February, the PIF had increased its stake in Japanese video game-developing company Nintendo from 6.07 percent to 7.1 percent. Nintendo is one of the most prominent names in the global video games industry, with a legacy of developing popular games such as Pokemon, The Legend of Zelda, and Mario. The acquisition of Scopely and the increased stake in Nintendo positions Saudi Arabia well to achieve its goal of becoming a gaming hub and to contribute significantly to the global gaming industry.
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