Saudi Arabian Electronic Gaming Development Company now holds 96.18 percent stake in SNK

This deal was quietly finalized in February.

Screengrab via SNK

In November 2020, Electronic Gaming Development Company (EGDC) purchased 33.3 percent of SNK shares and hinted it wanted to become the majority shareholder in the future. And, as of Feb. 15, according to SNK’s official website, that has officially become the case. 

According to the transaction report, EGDC now almost entirely owns the Japanese game developer, holding a 96.18 percent stake in the company. This deal was proposed on Dec. 17, 2021 and resolved at some point before being finalized on Feb. 15. 

SNK, which is best known for its history in fighting games, such as the recently released King of Fighters XV, have yet to make a statement regarding the exchange in 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. Salman is likely best known internationally for several controversies, including the murder of Washington Post journalist Jamal Khashoggi in Istanbul, Turkey. 

EGDC has previously acquired upwards of five percent stakes in both Capcom and Nexon in February, along with other large gaming companies like Activision-Blizzard, Electronic Arts, and Take-Two Interactive in recent years. It is likely this will continue, with other potential investments further diversifying the controversial company’s hold in the industry.