Saudi's Savvy Games to invest $265M in VSPO, a Chinese e-sports tournament operator
The deal is aligned with Saudi Arabia's vision to become a global hub for games and e-sports by 2030.
Saudi Arabia-based gaming and e-sports company is set to invest $265 million in VSPO, a Chinese tournament operator.
The investment deal will make Savvy Games the single largest equity holder in VSPO, said a statement carried on Zawya. Savvy Games is a wholly-owned subsidiary of the Saudi wealth fund Public Investment Fund.
Through this deal, VSPO will be able to bring new technology and accelerate the growth of mobile e-sports globally, with a special focus on Saudi Arabia, the statement added. The deal is also aligned with Saudi Arabia's vision to become a global hub for games and e-sports by 2030.
Details on the equity percentage of the deal were not revealed. However, the transaction is expected to close in the coming months, subject to regulatory clearances and approvals.
Founded in 2016, VSPO is one of Asia’s biggest tournament operators. It has long-term partnerships with top-tier developers from China, Korea, and South East Asia, such as Tencent, Krafton and Garena.
Savvy’s strategy is to boost the growth of the electronic games industry and e-sports with long-term investments, create more opportunities for participation, and strengthen partnerships in the gaming industry, while improving user experience, said the statement.
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Edited by Akanksha Sarma