Video games may be a multi-billion dollar industry, but it’s not every day that a smaller company is bought out for as much as $1 billion. However, it actually happened.

ESL Gaming, an esports company, has been acquired by Savvy Gaming Group for $1 billion.

ESL bought by Savvy Gaming Group for $1 billion

What makes this news quite interesting is how ESL is actually valued. While most people would think that only those who make games within the gaming industry would achieve this rating, it’s important to note that ESL Gaming is actually an esports organization and not one that makes and publishes video games for the public.

According to VentureBeat’s story, Modern Times Group has reportedly sold ESL to Savvy Gaming Group for $1 billion. This is reported by the German news website Handelsblatt.

What is ESL Gaming known for?

ESL Gaming is known for hosting some of the biggest esports tournaments in the world. The most notable of these esports tournaments is ESL One, which involves a number of popular competitive gamers and gaming professionals.

Savvy Gaming Group is reportedly backed by the Saudi Arabian government’s Public Wealth Fund. This would be the same fund that had recently bought Newcastle United football club.

ESL Gaming Formed in 2020 by the Merger of ESL and Dreamhack

ESL Gaming was formed in 2020 thanks to a merger of both ESL and Dreamhack. These two companies were owned by MTG at the time.

Craig Levice and Ralf Reichert, the co-CEOs of ESL, officially became the co-CEOs of ESL Gaming after the merger. Both were already known in the gaming world and the public as major event operators within the industry.

Other huge esports tournament organizers to note also include Gfinity, Major League Gaming, and Blast Premier. However, none of them are arguably as big as ESL Gaming, especially after the aforementioned merger happened.

What is ESL Gaming?

According to ESL Gaming’s LinkedIn account, the company says they are creating a world where anyone can become anyone. In addition, as the world’s leading esports company for more than two decades, they have shaped the industry as well as leading esports and gaming innovation in many popular video games.

ESL Gaming also credits itself for creating a vast ecosystem with opportunities for certain players to go from zero to hero. They have also made it possible for certain fans to witness the best stories esports has to offer.

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Notable events under the company

The company also states that their profile consists of some well-known products. These include the ESL Pro Tour, ESL Mobile, DreamHack Festivals and many more. These products range from grassroots to global elite leagues.

ESL Gaming is, according to their LinkedIn, “part of MTG”, which the company described as the leading international digital entertainment group. It should be noted, however, that this may change due to the recent acquisition.

Related article: Meet Lee ‘Faker’ Sang-Hyeok! Here Are ‘League of Legends’ Ronaldo’s Most Memorable eSports Moments

This article is owned by Tech Times

Written by Urian B.

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