We are the TLDR, but there’s not really any way to make that headline prettier, because this story is HUGE.
MTG, who bought ESL and DreamHack in 2015 have handed off their entire esports business, in what has become esports first unicorn transaction.
And we haven’t even scratched the surface of the story yet, so let’s start with the basics.
Savvy Gaming Group is acquiring both ESL and FACEIT for $1bn and $500m respectively, in order to merge the companies to create ESL-FACEIT. Really savvy name there, lads.
Yes you read that right. ESL, DreamHack and FACEIT are now gathered under one umbrella, controlled by one company.
If you’re interested in the financials, here’s how our resident P250 Sand Dune investor, PHedemark sees the deal.
Where’s the money coming from you ask? Oh well just the Public Investment Fund, which is Saudi Arabia’s state investment company. In what has been described as a direct investment in SGG to acquire ESL and FACEIT, PIF now indirectly controls most of the existing CS:GO landscape outside of BLAST.
Did we say indirect? Oh maybe we spoke too soon, because Saudi Arabia’s crown prince, Prince Mohammed Bin Salman is also chairman of the board in SGG. Welp.
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