Saudi Arabian games and esports company Savvy Games Group, backed by the Public Investment Fund, has agreed to acquire mobile games studio Scopely for $4.9 billion.
The Los Angeles-based company had a post-money valuation of $3.3 billion in 2020, following a funding round that raised $340 million.
Scopely is known for popular mobile games such as Yahtzee With Buddies, Star Trek Fleet Command, Marvel Strike Force, Stumble Guys and Scrabble Go. In 2020, Scopely acquired Disney’s FoxNext Games, and in 2021, the company acquired Sony Pictures Entertainment’s GSN Games for $1 billion.
The acquisition, subject to regulatory approval, marks the sixth biggest in video game history by price. The company also says the acquisition will build on Scopely’s cross-platform approach to extend its live services expertise to new segments like PC, console and more.
Scopely will continue to operate as an “autonomous company” under the Savvy Games Group umbrella, which includes esports firms ESL and Faceit. Co-CEOs Walter Driver and Javier Ferreira will remain in charge of the company, with Savvy Games Group CEO Brian Ward saying the acquisition will strengthen its ability to deliver new products for the global gaming community.
The deal follows reports that the Saudi Arabian government is investing $38 billion to become the next hub for the video game industry, with Savvy looking to develop and acquire top-tier games.