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

[CanadianCoyote]

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

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.

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[McRpro]

Mohammad bin Salman must be a huge KOF fan.

 

[aleshemsky83]

I'm surprised the company is even worth they much. What do they still make?

 

[Rodgerwilco]

I'm surprised the company is even worth they much. What do they still make?

That was my first thought as well. Didn't even know they were still around tbh.

 

[syz]

They put out a new Samurai Shodown last year and are currently working on King of Fighters XV. I don't think they're up to much else. They got into pachinko for a bit but pulled out.

 

[member 157595]

$223 million will buy you at least 4, possibly 5, Neo Geo AES original games.

 

[JaegerDice]

I'm surprised the company is even worth they much. What do they still make?

Value of a company isn't merely what they make, it's the IP catalogue.

SNK does still churn out a ton of downloadable games across a variety of platforms, classics like Metal Slug do well on phones, etc.