Crown prince of Saudi Arabia's foundation to buy 51% stake in SNK

November 27th, 2020, 22:44 Posted By: wraggster

The Mohammad bin Salman Charity Foundation is set to take a controlling stake in Japanese games firm SNK.
The not-for-profit organisation has invested around 813 million riyals ($223 million) in SNK, which gives it a 33.3% stake in the company, valuing the company at $669 million.
Reports of the deal have emerged in the last 24 hours, but now the foundation's official site confirms the details.
The investment itself was made through a wholly-owned subsidiary, referred to as the 'Electronic Games Development Company.' The two companies have previously worked together on the development of games, and training programs that saw young Saudis visiting Japan.
The agreement stipulates that the foundation will buy a further 17.7% of SNK's shares in future, granting it 51% ownership of the company.
As the name suggests, the Mohammad bin Salman Charity Foundation was established by Saudi Arabia's crown prince Mohammad bin Salman. Its stated goal is to invest in initiatives that will help "cultivate and encourage learning and leadership in youth for a better future in Saudi Arabia."

Crown prince of Saudi Arabia's foundation to buy 51% stake in SNK | GamesIndustry.biz

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