Savvy Games Groups invests $265m in Chinese esports firm VSPO
Saudi government-owned gaming outfit aims to grow mobile esports within the country
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Esports organization VSPO has received a $265 million investment from Savvy Games Group.
The transaction from Savvy Gaming Group, which Saudi Arabia's Public Investment Fund owns, is expected to close at a later date.
The deal will be subject to regulatory clearances, approvals, and closing conditions.
With the investment, VSPO intends to expand its global business operations, which includes a focus on growing mobile esports in Saudi Arabia.
VSPO's CEO Dino Ying said, "This is an exciting time in the global esports industry and we are delighted to be working with Savvy to grow the sector worldwide."
"The deal symbolizes a landmark commercial partnership between China, the world's biggest esports market, and the Kingdom of Saudi Arabia, as it implements Vision 2030 to become a leading global hub for gaming and esports," the esports outfit said.
In September 2022, Savyv Games Group outlined an investment plan for further establishing esports and gaming within the country for SAR 142 billion ($37.8 billion).