Esports technology company ESE Entertainment has reached a definitive share purchase agreement to acquire European esports media firm Frenzy.
The deal will see ESE acquire 100 per cent of Frenzy for a price of CAD $1,242,500 (~£726.2k) in cash and 656,606 common shares of the company. Moreover, an extra CAD $1,242,500 will be payable over six months.
RELATED: ESE Entertainment reports CAD $4.23M revenue for Q3 2021
According to the release, more common shares (1,363,720) will be released later in four equal instalments every six months. ESE will also discharge a loan owned by Frenzy. The media firm’s key personnel will continue to run operations after the acquisition, the companies announced.
Frenzy is an esports and media company from Poland that specialises in sports and gaming events, broadcasts, and media content. The acquisition comes roughly a month after a letter of intent to acquire the Polish company was signed by ESE.
Piotr Zak, Founder of Frenzy, commented: “We are very pleased to execute the Share Purchase Agreement with ESE and move into the acquisition closing process. The anticipated merger with ESE will be a major catalyst in our ambitious growth plans and we are already working together to execute on our business pipeline. By combining resources and expertise – we believe we can scale internationally and grow even faster than before.”
Frenzy joins ESE’s every growing esports portfolio. The company currently operates K1CK Esports, one of the oldest esports organisations in the world, as well as Digital motorsports, WPG and Virtual Pitstop.
ESE was also active in the Polish market before acquiring Frenzy. Earlier this year, the company was named as the marketing partner of Porsche Esports Sprint Challenge Poland this summer.
RELATED: ESE Entertainment named marketing partner of Porsche Esports Sprint Challenge Poland
Konrad Wasiela, CEO of ESE, commented: “We are excited to sign this agreement with Frenzy, a leading production and technology company for the esports industry. Frenzy has contracts with some of the world’s largest gaming publishers and delivers a suite of products and services that complement ESE perfectly. By completing the anticipated transaction, ESE will strengthen its position and deliver a fully supported 360 solution for the esports and gaming industry.”
Esports Insider says: ESE is steadily making big steps to become a one-stop solution for almost any esports-related project. The merger with Frenzy will provide them with resources and know-how to produce high-quality broadcasts that are not strictly limited to esports.
Read The Esports Journal
Source: Read Full Article