Toronto-based Enthusiast Gaming, the parent company of esports organisation Luminosity Gaming, has completed the purchase of Vedatsis SAS, the owner of strategy guide platform Icy Veins.
Enthusiast Gaming’s planned €7m (£∼6.01m) acquisition of Icy Veins was first announced in March this year.
RELATED: Enthusiast Gaming set to acquire Icy Veins for €7m
It has been revealed that Enthusiast Gaming will pay a sum of €3.5m (£∼3.1m) and 226,563 common shares to create an aggregate value of $5m (£∼4.3m). The outstanding balance will be payable on May 10th, 2022.
The organisation has collaborated with Icy Veins since 2017 to monetise advertising traffic coming through the website. Thanks to the success of the acquisition, Enthusiast Gaming will now retain all advertising revenue generated through the guides platform.
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The first four months of 2021 have been busy for Enthusiast Gaming. The organisation has inked partnerships with the likes of short-form mobile video platform TikTok, along with gaming and esports production company ESPAT TV in a bid to further extend its audience reach.
Since its launch in 2011, Icy Veins has become one of the largest independent fan communities spanning across a number of Activision Blizzard titles including World of Warcraft, Diablo, and Overwatch. With over 3bn views over the past decade, the acquisition will see Enthusiast Gaming expand its reach along with increasing its revenue.
Esports Insider says: Enthusiast Gaming is continuing its push to expand its reach across a range of platforms and the acquisition of Icy Veins is another impressive addition to its growing portfolio.
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