Esports investment company New Wave Esports has entered a definitive share purchase agreement with event production company Even Matchup Gaming.
New Wave Esports currently holds an 18 percent stake in Even Matchup Gaming, this agreement will see it acquire all of the remaining shares, issued and outstanding, for $1.23 million (£950,000).
The 82 percent of Even Matchup Gaming’s remaining shares amounts to $1.23 million, divided into a $550,000 (£423,000) payment in cash and the rest by common shares (7,555,555 shares worth $0.09 each).
Joe Cribari, CEO of Even Matchup Gaming discussed the venture in a release: “We are excited to join the New Wave Esports team through the acquisition of EMG. We have been actively building our local and national fighting game communities for years and this opportunity will allow us to continue to support them with incredible events for many more years to come. Through our partnership with New Wave Esports, we look forward to further developing the size and quality of the tournaments we produce, and expanding our operations throughout North America.”
Even Matchup Gaming produces over 80 esports events each year in Canada, with a focus on fighting games. Each year, it hosts the Get On My Level event for Super Smash Bros. Ultimate and Melee, as well as Tekken 7 and other games in the genre.
Daniel Mitre, CEO of New Wave Esports also commented on the acquisition: “Even Matchup Gaming’s focus on fighting games uniquely positions the company in an important emerging sector of esports. Their tournament operator model is integral to the esports industry ecosystem as it is scalable and rapidly growing, each of their events has set record attendance levels as they produce highly-memorable experiences for a hyper-engaged audience.
“The acquisition of EMG represents a major milestone in our commitment to fully acquire esports properties in order to drive continued growth and profitability in this fast-growing industry, and demonstrates New Wave Esports’ expertise in identifying acquisition opportunities at fair market value.”
Earlier this year, Mitre spoke at ESI London about the current esports ecosystem, the various sectors of growth opportunities, and how the industry can move forward.