News Profit's Takes

Electronic Gaming Development Company Purchases 96.18% Stake In SNK

According to a recent transaction report, Electronic Gaming Development Company (EGDC) now holds a 96.18% stake in the gaming company SNK as of February 15th, 2022. This comes almost a year-and-a-half after EGDC purchased 33.3% of all SNK Shares.

“As for the impact of this move from EGDC, which is a subsidiary of Saudi Arabia’s Mohammed bin Salman Foundation (MiSK Foundation), will have on the company, that is yet to be seen,” writes Cale Michael of Dot Esports. “Salman is likely best known internationally for several controversies, including the murder of Washington Post journalist Jamal Khashoggi in Istanbul, Turkey.”

SNK is a Japanese video game company that was founded in 1978. Some of the organization’s most famous franchises include the King of Fighters series, the Fatal Fury series, and the Metal Slug series.

The Profit‘s Take:

The Saudis are still on the hunt for more companies, so they’re putting their money where their mouth is. This feels Tencent-ish. EGDC is acquiring several companies in the gaming space because they believe in it. There’s a lot of competition right now for game developers, but I don’t think EGDC is late to the party in that regard.

(all information was provided by Dot Esports and Wikipedia)

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