Savvy Games Group, wholly owned by Saudi Arabia’s Public Investment Fund (PIF), announced on Thursday that it has completed the acquisition of mobile games company Scopely, following receipt of the required regulatory approvals.
The $4.9 billion acquisition was first announced in April this year.
Scopely joins Savvy as a standalone business unit under the Savvy brand as part of the deal. Through strategic collaborations and acquisitions, Scopely will be able to carry out its plan to expand and develop existing franchises, open up new player audiences, and collaborate with the top talent and studios in the company.
“This is the largest investment Savvy has made to-date, which is testament to our deep belief in Scopely’s mission and their talented, global team led by Walter and Javier. The recent success of their 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. With the support of Savvy’s long-term investment, Scopely will continue driving innovation in the games sector for decades to come,” said Brian Ward, CEO of Savvy Games Group.
Marvel Strike Force, Stumble Guys, Yahtzee With Buddies, Scrabble Go, and Looney Tunes World of Mayhem are just a few of the games developed by Los Angeles-based mobile game studio Scopely, which was launched in 2011.
“For more than a decade, our incredible Scopely team has been dedicated to expanding the possibilities of play. By combining our expertise and resources with Savvy Games Group, we will build an even brighter future for the games industry. Our shared commitment to excellence will enable us to deliver on our ambitious vision to bring immersive, highly engaging games to players around the world, across every device. This is just the beginning,” said Scopely co-CEO Walter Driver.
Scopely was valued at $3.3 billion after raising $340 million in 2020. After acquiring GSN Games from Sony in 2021 for $1 billion, the company’s value grew to $5.4 billion.
“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. Together with Brian and the Savvy team, we will continue to build one of the world’s most diversified mobile-first games companies. Community and connection is at the heart of everything we do, and we look forward to delivering long-lasting franchises that delight players everywhere,” said Scopely co-CEO Javier Ferreira.
J.P. Morgan acted as lead financial advisor to Savvy on the deal. Bank of America and Aream also acted as financial advisors to Savvy, and Latham and Watkins acted as legal advisor.
Goldman Sachs & Co. LLC acted as financial advisor, Skadden, Arps, Slate, Meagher & Flom LLP acted as transaction counsel, and Goodwin Procter LLP acted as corporate counsel to Scopely.
The acquisition is the sixth-largest in terms of deal value in the history of video games. The largest transaction in this category is Microsoft’s continuing $68.7 billion acquisition of Activision Blizzard. The second-largest deal was Take-Two’s $12.7 billion acquisition of Zynga, which was finished in May 2022. Tencent’s $8.6 billion acquisition of Supercell, Microsoft’s $8.1 billion purchase of ZeniMax, and Activision’s $5.9 billion purchase of King were the next-largest deals.