Swedish gaming company Modern Times Group has announced the sell of esports organization ESL Gaming to Savvy Gaming Group (SGG) with a business value of $1.05 billion.
Savvy Gaming Group, owned by the Saudi Arabian Public Investment Fund, has also acquired FaceIt, a competitive multiplayer technology platform company.
The two companies will merge to form the ESL FaceIt Group.
With Craig Levine and Niccolo Maisto serving as co-CEOs, both ESL and FaceIt leadership will remain the same at the new company.
ESL co-founder Ralf Reichert will take over as chairman of the board.
ESL has been a pioneer in the field of esports since its inception in 2000. MTG bought a majority stake in ESL in 2015 for €78 million.
ESL made several layoffs in 2017 as part of the restructuring. While the company is returning by partnering with Intel in esports investments, acquiring minority stakes and creating major esports tournaments, most of its offices have been restructured in 2019.
