Esports Entertainment Group Finalizes Binding Agreement to Acquire EGL, Deal Expected to Close by January 8th
Esports Entertainment Group (NasdaqCM: GMBL, GMBLW) has finalized an agreement to acquire Esports Gaming League (EGL), a B2B provider of esports events, expecting closure by January 8, 2021. EGL has over 350K registered gamers, offering services such as live broadcasts and branded tournaments. CEO Grant Johnson emphasized the acquisition's importance for expanding EGL's North American presence. EGL's CEO, Glen Elliott, expressed excitement about joining forces, enhancing client services, and aligning with Esports Entertainment Group's vision for the industry.
- Acquisition of EGL expected to enhance market presence in North America.
- EGL has a large user base with over 350K registered gamers, increasing potential customer reach.
- Synergies from the acquisition may contribute to revenue growth through expanded service offerings.
- Potential financial strain from integration costs and operational adjustments.
NEWARK, N.J., Dec. 14, 2020 (GLOBE NEWSWIRE) -- Esports Entertainment Group, Inc. (NasdaqCM: GMBL, GMBLW) (or the “Company”), an esports entertainment and online gambling operator, today announced that it has finalized the binding agreement to acquire Esports Gaming League (“EGL”) and expects the deal to close prior to January 8, 2021.
EGL is a B2B-centric provider of live and online events and tournaments where gamers can compete and enjoy a wide range of content relating to esports and video games on a proprietary technology platform with over 350K registered gamers. Services include full turnkey esports events, live broadcast production, game launches, and online branded tournaments.
"We are excited to finalize this acquisition and continue to expand EGL’s presence here in North America,” commented Grant Johnson, CEO of Esports Entertainment Group. “In addition to our announcements with the LA Kings, LA Galaxy and Philadelphia Union we are in discussions with many additional sporting organizations that are interested in exploring the ways that they can engage their fanbases through esports.”
“We are extremely excited to be joining the Esports Entertainment Group family, it will give us an opportunity to push our technology and resources to further grow our client roster,” commented Glen Elliott, CEO of EGL. “The vision Grant has around building an esports ecosystem is visionary for the industry and EGL is a perfect fit.”
About Esports Entertainment Group
Esports Entertainment Group, Inc. is an esports and online gambling company. The Company operates a number of entities across three key pillars: 1) esports entertainment and infrastructure, 2) esports wagering, 3) iGaming. The Company maintains offices in New Jersey, the UK and Malta. For more information visit www.esportsentertainmentgroup.com.
FORWARD-LOOKING STATEMENTS
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Contact:
U.S. Investor Relations
RedChip Companies, Inc.
Dave Gentry
407-491-4498
dave@redchip.com
Media & Investor Relations Inquiries
Jeff@esportsentertainmentgroup.com
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