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PIF-backed Savvy Gaming acquires ESL Gaming in $1.05bn deal

(Photo by Luke Walker/Getty Images)

Savvy Gaming Group, a gaming and esports company owned by Saudi Arabia’s Public Investment Fund, has agreed a deal to acquire ESL Gaming from Sweden-based Modern Times Group in an all-cash transaction giving ESL Gaming an enterprise value of $1.05bn (€929.5m).

MTG owns 91.46 per cent of ESL Gaming, which corresponds to $960m of the total enterprise value, and it said the deal represents a total return on investment of 2.5 times.

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