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 $1.5 Billion.
The company aims to merge the two giants to create a new global leader in competitive gaming – the ESL FACEIT group.
ESL, which was owned by Modern Times Group, is known globally for conducting major tournaments across popular esports titles like 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 improve our existing products and develop innovative initiatives for players, teams and fans,” the official FACEIT Twitter handle posted.
“Our mission remains unchanged: to create a world where everybody can be somebody,” ESL CEO Craig Levine said in a press release. “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.”
The transaction is expected to close in Q2 2022.
