Modern Times Group sold ESL Gaming for $1 billion to Savvy Gaming Group, a Saudi Arabian Esports organization. In addition, Savvy Gaming Group also bought FaceIt for another half billion USD. The main goal for the buy-out was to create a “world-class esports ecosystem.”
ESL has been one of the most prominent esports organizations in the global esports industry since its launch in 2000. On the other hand, FaceIt is an esports platform that helps players easily join various competitions and leagues launched in 2011.
Savvy Gaming Group acquired ESL Gaming and FaceIt for $1.5 billion
Savvy Gaming Group is a gaming and esports organization founded to promote the long-term growth and development of the gaming and esports industry throughout the world. Moreover, the Saudi Arabia’s Public Investment Fund owns FaceIt.
A Swedish gaming firm, Modern Times Group, owned ESL before this deal, whereas Niccolo Maisto owned FaceIt. Savvy Gaming Group will be merging these two companies to form the ESL FaceIt Group. The agreement is still under process, and it is expected to close in the second quarter of 2022.
Even though the company’s ownership has changed, the leadership of the merged company, ESL FaceIt Group, will be the same. Craig Levine (CEO of ESL) and Niccolo Maisto (CEO of FaceIt) will be serving as co-CEOs of ESL FaceIt Group. However, the Co-founder of ESL, Ralf Reichert, will be serving as the Executive Chairman.
Craig Levine, the CEO of ESL Gaming, said, “Our mission remains unchanged: to create a world where everybody can be somebody. Our merge with FaceIt, along with the backing of Savvy Gaming Group, will give us more know-how, capabilities, and resources than ever before to deliver on this vision.”
This acquisition deal will be a remarkable buy-out in the esports and gaming industry as it involves one of the most prominent esports organizations, ESL Gaming. Moreover, it will be exciting to see the heights the newly merged company will reach.
Also read The Most Popular Esports Events of 2021.