Major takeover in international e-sports: Savvy Gaming Group (SGG), financed by the Saudi State Fund, acquires ESL from the Swedish group Modern Times Group. According to ESL, the company will also merge with its competitor Faceit.
According to a report by "Handelsblatt", SGG is paying about one billion US dollars for ESL, as well as another 500 million dollars for Faceit.
Taking over with money from Saudi Arabia
Faceit operates a tournament platform primarily for counter-Strike, but also for other e-sports disciplines. Savvy Gaming Group is funded by the Public Investment Fund, a government fund from Saudi Arabia. The deal is expected to be completed by the middle of the year.
ESL is the largest third-party provider of e-sports tournaments worldwide. The Cologne-based company was founded in 2000 by Ralf Reichert, among others, who has led it as Co-CEO until now. According to "Handelsblatt", Reichert is selling his shares with the takeover.
Ralf Reichert with a new role at ESL
He is also moving into the role of the so-called Executive Chairman. The newly formed company ESL Faceit will be led by the new co-CEOs Craig Levine, previously at ESL, and Niccolo Maisto, previously at Faceit.
ESL employs around 600 people. Her most famous events include the IEM in Katowice, Poland, and the ESL One Cologne. The tournaments and LAN parties under the Dreamhack brand are also part of the ESL.
