Saturday, June 25, 2022

Savvy Gaming acquires ESL Gaming and Faceit for $1.5 billion

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The Savvy Gaming Group, backed by the Saudi Arabian government’s Public Investment Fund, has acquired two of the biggest names in the world of esports tournament operators – ESL and FACEIT – for a combined sum of US$1.5 billion .

The company intends to merge the two giants to create a new global leader in competitive gaming – the ESL FACEIT Group.

ESL, the was owned by the Modern Times Group, is known worldwide for hosting major tournaments in popular eSports titles such as CSGO and DOTA 2.

FACEIT is also one of the leading tournament organizers and an eSports platform for games like CSGO, League of Legends or Rainbow Six Siege.

“Together with our combined resources, we will enhance our existing products and develop innovative initiatives for players, teams and fans,” said FACEIT’s official Twitter account sent.

“Our mission remains unchanged: to create a world where anyone can be anyone,” said ESL CEO Craig Levine in a press release. “Our merger with FACEIT, along with the support of SGG, will give us more expertise, skills and resources than ever before to make this vision a reality.”

The transaction is expected to close in the second quarter of 2022.

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