Saudi Arabia acquires ESL Gaming and FACEIT for $1.5 billion following their merger
To create the ultimate platform for competitive gaming
ESL Gaming and FACEIT merge into ESL FACEIT Group, and Savvy Gaming Group (SGG) has acquired them for $1.5 billion. The ESL transaction is reported to be worth a total of $1 billion, and FACEIT for $500 million.
Savvy Gaming Group (SGG), a gaming and esports firm, in partnership with the Public Investment Fund (PIF), a Saudi Arabian sovereign wealth fund with over 430 billion dollars in assets under control has secured another two of the biggest esports companies under their portfolio.
Large-scale competitions for games like Counter-Strike: Global Offensive and Dota 2 are held by ESL Gaming. It also hosts the ESL Pro League, one of the finest CS:GO tournaments. FACEIT, on the other hand, is a privately held organisation that organises competitive CS:GO events for players and game publishers, and has previously hosted tournaments, including for Ubisoft's Rainbow Six Siege.
This is the start of a new chapter for us. Huge thanks to all of our awesome old and new employees from ESL and FACEIT, the players who make esports what it is, and dedicated fans whose passion is our everyday motivation.— ESL (@ESL) January 24, 2022
Craig Levine and Niccolo Maisto will serve as co-CEOs of the new firm, while ESL Co-Founder Ralf Reichert will serve as Executive Chairman in a non-operational capacity.
Craig Levine, ESL Gaming CEO, said: “Our mission remains unchanged: to create a world where everybody can be somebody. 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. 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.”
Niccolo Maisto, FACEIT CEO, added: “In the past years, ESL and FACEIT had a significant positive impact for the growth of the esports industry, bringing a variety of propositions for players, teams, publishers, and developers. By uniting these complementary capabilities, and with the backing of SGG, we are taking a long-term approach to develop a more robust platform to better support the future of the whole competitive gaming ecosystem and generate more value for all its stakeholders in a sustainable way.”
The ESL FACEIT Group also revealed some specifics about impending changes to the professional CS:GO scene, including the ESEA and FACEIT. It will attempt to increase North American CS:GO stability by providing additional incentives for professional teams, as well as foster the growth of local scenes and grassroots esports. The new organisation also claims to be actively investing in a road to professional status for up-and-coming esports athletes.