Cologne-based e-sports organizer sold for one billion US dollars
According to a media report, the Savvy Gaming Group, which is financed by the Saudi state fund, is taking over ESL.
The Savvy Gaming Group (SGG) is acquiring the e-sports organizer ESL from the Swedish Modern Times Group (MTG) for around one billion US dollars, according to the Handelsblatt reported. SGG is financed by a public investment fund, a state fund from Saudi Arabia.
ESL is one of the largest providers of e-sports tournaments in the world and employs around 600 people. The best-known events are the IEM in Katowice, Poland, and ESL One Cologne. The Cologne-based company was founded in 2000 by Ralf Reichert, among others, who still serves as co-CEO. Reichert is expected to sell his shares with the takeover.
In addition to ESL, SGG is also acquiring the technology platform Faceit, which operates a tournament platform for e-sports disciplines. Both companies are to merge to form a global gaming platform.
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