ESL and FACEIT sold for $1.5 billion [Updated]

Last update (00:30 MSK): ESL and FACEIT officially confirmed the information reported in the media regarding the sale and announced the merger. The merged company was named ESL FACEIT Group.

Savvy Gaming Group, a consortium backed by the Saudi Arabia sovereign wealth fund, has acquired ESL and FACEIT for a total of $1.5 billion, Sports Business Journal reports.

ESL is the industry leader in organizing esports tournaments and broadcasts. The company was founded in 2000 and currently employs over 600 people headquartered in Cologne, Germany. The most prestigious events that take place under the auspices of ESL are IEM Katowice and IEM Cologne, which are considered unofficial Majors of the professional CS:GO scene.

FACEIT is an esports platform that has been around since 2012, holding tournaments in various disciplines. In CS:GO, FACEIT offers players third-party matchmaking services, and also hosted one of two Majors in 2018.

The sovereign wealth fund of Saudi Arabia, thanks to which ESL and FACEIT were acquired, previously bought the Newcastle football club. The fund is currently negotiating the purchase of football clubs Inter (Milan) and Marseille, which will expand its presence in the sports industry.