‘Pokémon Go' Games Unit Sold to Saudi Group for $3.5 Billion
Saudi sovereign wealth fund-backed Scopely Inc. has agreed to buy Niantic Inc.'s gaming business, including the mobile hit Pokémon Go, for $3.5 billion.
Scopely, which is owned by a unit of the Public Investment Fund of Saudi Arabia, will also acquire Pikmin Bloom and Monster Hunter Now from Niantic, along with the teams working on them, the Saudi company said in a statement on Wednesday, confirming an earlier Bloomberg News report.
Niantic's games encourage players to go outside and explore their neighborhoods to receive in-game rewards. The Niantic games business generated more than $1 billion in revenue from 30 million monthly active users last year, Scopely said. Beyond the runaway success of Pokémon Go, many of Niantic's other games have struggled to gain traction or have shut down entirely.
Scopely will not acquire Niantic's mapping technology business, which the company's Chief Executive Officer John Hanke will helm under the new name, Niantic Spatial. Using players' data, the company said in a press release, it will build mapping technology that 'captures the content of the world at a level of fidelity never before achieved' with applications in manufacturing, education, warehousing, logistics, tourism and more.
Niantic Spatial is funded with $200 million from Niantic and $50 million from Scopely. Niantic's augmented-reality games, including Ingress Prime and Peridot, will stay with Niantic Spatial.
Niantic was spun out of Alphabet Inc.'s Google in 2015. Hanke worked in satellite mapping before leading Google's Geo product division.
Savvy Games Group, a subsidiary of Saudi Arabia's PIF, bought mobile gamemaker Scopely for $4.9 billion two years ago. Savvy was launched with $38 billion of funding to help transform Saudi Arabia into a video-games hub.
Also read: Kuwait Bans New 'Call Of Duty' Game Featuring Saddam Hussein
Source Gulf News
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Biz Bahrain
21 hours ago
- Biz Bahrain
EWA sign "Kafa'a" initiative implementation agreements
The Electricity and Water Authority (EWA) signed implementation agreements for the first phase of the national programme 'Kafa'a', aimed at improving energy efficiency in government buildings. The agreements were signed with Saudi-based Quantum Energy Solutions and ESTA Middle East, both specialised in energy efficiency services. Kamal bin Ahmed Mohammed, President of EWA, emphasised that the initiative represents a strategic step in national efforts to enhance energy efficiency and reduce carbon emissions. He noted that the first phase targets energy efficiency upgrades in 12 government buildings, as part of a wider plan to cover 20 buildings during the current year. He added that the initiative is expected to save approximately 308 gigawatt-hours of electricity and reduce carbon emissions by nearly 154,000 tonnes by 2040, making it one of the Kingdom's flagship projects supporting the goal of carbon neutrality. The current phase includes buildings belonging to several ministries, including the Ministry of Education, the Ministry of Health, the Ministry of Justice and Islamic Affairs, and the Bahrain Authority for Culture and Antiquities (BACA). EWA will oversee all stages of project implementation and monitor the outcomes to ensure the intended targets are met. This will be carried out in collaboration with specialised companies delivering the programme, to enhance energy efficiency in both public and private sector facilities, while achieving sustainable operational savings and reducing carbon emissions. Launched in December 2023, the 'Kafa'a' programme is a national initiative designed to reduce electricity consumption in both public and private sector buildings and consequently lower carbon emissions. The initial implementation phase targets 20 government buildings. BNA(R)
Daily Tribune
2 days ago
- Daily Tribune
Bahrain and Saudi Arabia Strengthen Economic Ties in High-Level Business Council Talks
Abdullah bin Adel Fakhro, Minister of Industry and Commerce, held talks yesterday with a delegation from the Saudi side of the Bahraini-Saudi Joint Business Council, in the presence of Mr. Mohammed Abdul Jabbar Al Kooheji, Second Vice President of the Bahrain Chamber of Commerce and Industry, and a number of Chamber members. They discussed the depth of the strategic relations between Bahrain and Saudi Arabia and ways to strengthen the bonds of cooperation. The meeting also reviewed the most prominent joint efforts to enhance trade and investment exchange and expand the horizons of economic partnership. Focus was also on key joint initiatives and projects, enhance economic diversification and create new investment opportunities. The importance of continuing joint work to achieve the desired economic integration and further enhance cooperation in various fields was emphasized.
Daily Tribune
2 days ago
- Daily Tribune
Saudi top diplomat says ‘at vanguard' of efforts to rebuild Syria
Saudi Foreign Minister Prince Faisal bin Farhan travelled to Damascus yesterday, where he said his country would be at the forefront of efforts to rebuild Syria after nearly 14 years of civil war. Prince Faisal had landed in the Syrian capital earlier, alongside an economic delegation on a visit to discuss ways to support Syria's war-ravaged economy, authorities said. 'We affirm that the Kingdom of Saudi Arabia will remain at the vanguard of countries standing by Syria in its path towards reconstruction and economic recovery,' Prince Faisal said in a joint press conference with his Syrian counterpart. Saudi Arabia 'will present joint financial support alongside Qatar to public sector workers' in Syria, he added, while pointing to interest in Syria from Saudi investors. He said Saudi economic delegations would visit Damascus soon, noting that 'work is underway to discuss investment support and economic and trade cooperation' between the two countries. Syrian Foreign Minister Asaad al-Shaibani, meanwhile, expressed his country's thanks 'for the role Saudi Arabia has played, particularly on the lifting of sanctions' by the United States. Shaibani pointed to 'strategic initiatives aiming to restore infrastructure, replenish agriculture... and create real job opportunities for Syrians'. Prince Faisal met Syrian interim President Ahmed al-Sharaa, and visited Damascus's famous Umayyad Mosque alongside Shaibani.
