Cologne-based e-sports organizer sold for one billion US dollars
Janina Gerhardt
| 25.01.2022
Savvy Gaming Group, financed by the Saudi sovereign wealth fund, acquires ESL, according to a media report.
For around $1 billion, Savvy Gaming Group (SGG) is acquiring e-sports operator ESL from Swedish group Modern Times Group (MTG), the Handelsblatt reported. SGG is financed by a Public Investment Fund, a sovereign wealth fund from Saudi Arabia.
ESL is one of the largest providers of e-sports tournaments worldwide and employs around 600 people. Its 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 also serves as co-CEO until now. Reichert is expected to sell his shares with the takeover.
In addition to ESL, SGG is also buying Faceit, a technology platform that operates a tournament platform for e-sports disciplines. The two companies are to merge to form a global gaming platform.
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