RIYADH: The Saudi-backed Savvy Gaming Group has acquired ESL Gaming Co. for $1.08 billion amid plans to merge it with the esports platform FACEIT.

The deal is expected to close in the second quarter of 2022, Handelblatt reported, citing an announcement from ESL FACEIT Group.

The group, backed by Saudi Arabia's Public Investment Fund, the acquired the esports platform FACEIT in an earlier $500 million deal.

“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,” CEO of ESL, Craig Levine, said.

“Whether you are competing or watching, doing so socially or at a professional level, every stage of the pathway will be improved through this merger,” he added.


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