Scopely Inc., backed by the Saudi Arabian Sovereign Wealth Fund, has announced its acquisition of Niantic Inc.'s gaming division, known for the hit mobile game Pokémon Go, for an impressive $3.5 billion. This move marks a significant event in the gaming industry and could have far-reaching effects on the mobile gaming market.

Niantic Inc., the company renowned for its global hit Pokémon Go, is reportedly in talks to sell its gaming division to Scopely Inc., which is owned by Saudi investors. An announcement regarding the deal may come in the next few weeks, with discussions pointing to a price tag of approximately $3.5 billion.