Niantic, the company behind Runaway, hit Pokémon Go, said on Wednesday that it has agreed to sell its video game business for $ 3.5 billion for Scopely, a company owned by Saudi Sovereign Encound Fund.
Pokémon Go, a mobile game for augmented reality, became a cultural sense when it was released in 2016. Tens of millions of people around the world headed to roads, parks, beaches and even the middle of the ocean to capture monsters from the Japanese franchise.
The agreement is the last acquisition of Saudi Arabia’s Public Investment Fund to a push of many billions of dollars in the video game industry. Pokémon still goes to millions of dollars and has legions of devoted fans.
Scopely, based in Culver City, California and holds games, including the popular GO monopoly, said on Wednesday in a separate statement that it would absorb all the staff of Niantic Gaming Teams. Pokémon Go has over 20 million active weekly players, Scopely said.
Scopely was acquired for $ 4.9 billion in 2023 by the Savvy Games team, which was inaugurated a year earlier than the Saudi dominant wealth fund to lead its impetus to video games, including electronic sports. The Saudi Arabian government said it would invest $ 38 billion in video games by 2030 through the Public Investment Fund.
The Fund manages almost a trillion dollars in assets and invests in a wide range of industries, from real estate and artificial intelligence in sports and entertainment, with a declared mission to differentiate Saudi Arabia’s economy beyond fossil fuels.
Some critics have described Saudi Arabia’s investments in sports and video games as an attempt to polish the country’s reputation, especially in human rights.
