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esports

ESL Gaming and FACEIT has been sold to Saudi-backed group, Savvy Gaming Group for $1.5 billion

ESL CEO: "Our mission remains unchanged: to create a world where everybody can be somebody."

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It has been revealed that the Saudi Arabian government Public Investment Fund-backed Savvy Gaming Group is set to acquire both ESL Gaming and FACEIT for the cumulative price of $1.5 billion. The deal, which is slated to see the creation of "the ultimate platform for competitive gaming", is subjected to regulatory approval, but is expected to be closed in the second quarter of 2022.

In a press release, we're told that the deal will bring together ESL's infrastructure and broadcasting capabilities, and will combine it with FACEIT's "best-in-class tools for competitive games", all to create a new solution that will aid developers and publishers in building sustainable esports ecosystems and gaming communities.

"Our mission remains unchanged: to create a world where everybody can be somebody," said Craig Levine, ESL's CEO. "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. For gamers, publishers, and partners, this is a hugely exciting proposition, to be able to take everyone on the journey from your first step into competition to playing on the biggest esports stages globally."

It's mentioned that the deal will see ESL and FACEIT leadership working as part of a new group, with Levine and FACEIT CEO, Niccolo Maisto working as co-CEOs.

As part of a new blog post, ESL FACEIT has shared its principles going forward, revealing that it intends to double down on expanding its professional and amateur circuits, support grassroots more, and create better technology to accommodate competitive environments. You can read more about these initiatives and principles here and here.

ESL Gaming and FACEIT has been sold to Saudi-backed group, Savvy Gaming Group for .5 billion