Saudi-backed Savvy Gaming Group Acquires ESL and FACEIT in a $1.5bn deal

Saudi-backed Savvy Gaming Group Acquires ESL and FACEIT in a $1.5bn deal

E-sports organization ESL Gaming and competitive gaming platform FACEIT have merged after they were both bought by the Saudi-backed Savvy Gaming Group (SGG). SGG is owned by Saudi Arabia’s Public Investment Fund (PIF).

The new ESL FACEIT Group (EFG) will be delivering an end-to-end solution that supports game developers and publishers in building ‘sustainable competitive gaming communities’, as well as ‘esports ecosystems’.

The company also aims to provide an ‘unmatched proposition’ for players, fans, teams, publishers, developers, and partners, regardless of their standing in the competitive gaming sector.

Also read: MENA region one of world’s fastest-growing gaming and esports markets, new study finds

The deal, which is worth a combined $1.5 billion according to reports, sees SGG take over ownership of ESL from Sweden-based Modern Times Group (MSG). The acquisition remains subject to regulatory approval and is expected to close in the second quarter of 2022.

SGG aims to make EFG a driving force in esports, providing gamers, publishers and partners with a pathway that could take them from casual competitions to arena events on one platform.

New EFG will combine both ESL’s esports broadcasting and commercial experience with FACEIT’s competition operations expertise. UK-based FACEIT has more than 22 million users competing in over 20 million game sessions each month.

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