Riyadh – Sharikat Mubasher: Savvy Games Group, the gaming company backed by Saudi Arabia’s sovereign wealth fund, Public Investment Fund, reportedly inked a $6 billion acquisition of mobile game developer Moonton Technology from ByteDance. The deal gives Savvy ownership of the hugely popular mobile game ‘Mobile Legends: Bang Bang’ and strengthens the company’s position in the global gaming market.
Following the acquisition, Moonton is expected to continue operating independently from its headquarters in Shanghai, keeping its current leadership and development teams, according to Bloomberg.
For ByteDance, the sale reflects a broader shift away from large-scale video game investments as the company focuses more on developing generative artificial intelligence technologies. The transaction reportedly allows the tech giant to earn around $2 billion in profit from its original investment in Moonton in 2021.
The acquisition also supports Saudi Arabia’s ambitions to become a global gaming and esports hub under Vision 2030. Savvy Games Group has been expanding rapidly in the gaming sector, previously acquiring Scopely in a $4.9 billion deal and investing in several other gaming companies.
Industry observers say the deal further strengthens Saudi Arabia’s presence in the global gaming industry, as the Public Investment Fund continues to build a portfolio that includes investments in major gaming companies such as Nintendo and Capcom.
With the addition of Moonton and its flagship game, Savvy Games Group is expected to expand its influence in mobile gaming and esports markets worldwide.
