Savvy Gaming Group acquires ESL, FACEIT for USD 1 billion

Savvy Gaming Group (SGG) a games and esports company that is fully owned by PIF, Saudi Arabia’s sovereign wealth fund, and was set up in 2021 has acquired the ESL and FACEIT group for USD 1 billion.

The acquisition will still go through regulatory approvals and is expected to finalize in the second quarter of 2022. No changes in leadership in both companies with Craig Levine and Niccolo Maisto still serving as co-CEOs. Additionally, co-founder of ESL Ralf Reichert will move into the role of executive chairman.

 

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This deal is expected to combine ESL’S expertise in building, broadcasting, and commercializing premium esports ecosystems, including arena and festival events, with FACEIT’s development of tools for competitive games and the social network of competitive players.

“Our mission remains unchanged: to create a world where everybody can be somebody. Our merger with FACEIT, along with the backing of SGG, will give us more know-how, capabilities, and resources than ever before to deliver on this vision. Whether you are competing or watching, doing so socially or at a professional level, every stage of the pathway will be improved through this merger. For gamers, publishers, and partners, this is a hugely exciting proposition, to be able to take everyone on the journey from your first step into competition to playing on the biggest esports stages globally.” said Levine.

“SGG has committed to invest heavily in the games and esports industry and to materially strengthen the global games community. We are delighted to be working with ESL FACEIT Group – a deal that will enable us to actively support the creation of a world-class esports ecosystem. With our investment, ESL FACEIT Group will be able to accelerate their development of an unrivaled experience for players and fans,” said Brian Ward, CEO of SGG.

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Source: Yugatech