A Saudi sovereign wealth fund has bought German esports company ESL Gaming for $1 billion. ESL Gaming is the world’s leading organizer of esports tournaments.
ESL Gaming is the name best known to aspiring computer gamers: the company based in Perfume Since 2007 it has been organizing international competitions in various video games, including Counter-Strike, League of Legends, StarCraft II or Dota 2.
The ESL is aimed at professional players, and international competition has been at the highest level for years. Accordingly, winners of major ESL tournaments, such as the ESL Intel Extreme Masters, can expect prize money of up to one million dollars.
German ESL parent company Turtle Entertainment had already been sold to Swedish entertainment group MTG in 2015. He now explained in a press release that the company’s own ESL Gaming shares (MTG owns a good 91 percent of the company) for 960 million. U.S. Dollar A Die Savvy Gaming Group (SGG) workoff.
The world’s leading gaming platform
At the same time, SGG also bought out British ESL gaming competitor Faceit and had already merged the two companies to form the ESL Faceit Group. On the company’s website, which has already been launched, the executive team states that they have created the world’s leading gaming platform, through which they aim to bring together developers, the gaming community and the esports ecosystem.
SGG is a newcomer to the gaming world. It was founded only last year and describes itself as a company that was established to drive long-term growth in the fields of video games and e-sports. E-sports is one of a total of five areas in which SGG intends to invest money in the future.
The company writes on its website that it intends to spend about $30 billion over the next five years. comes from the capital Saudi ArabSGG Saudi Sovereign Wealth Fund is a wholly owned subsidiary of PIF, one of the largest sovereign wealth funds in the world.
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