Through its proprietary mix of digital media and entertainment assets, Enthusiast Gaming has built a vast network of like-minded communities to deliver the ultimate fan experience.Īddicting Games is considered a trailblazer in casual gaming. Combining the elements of its four core pillars Media, Talent, Esports and Experiences, Enthusiast Gaming provides a unique opportunity and integrated approach to reach and connect with its coveted GenZ and Millennial audience. The SPA contains other customary terms including, but not limited to, adjustments to the Purchase Price for cash and working capital in Addicting Games at the time of closing.Įnthusiast Gaming is building the largest media and content platform for video game and esports fans to connect and engage worldwide. Any common shares issued in connection with the Anniversary Payments will be subject to a contractual lock-up with 25% being released every three months after issuance. The Closing Shares are subject to a statutory hold period and a contractual lock-up with 50% released twelve (12) months following the closing date and 50% released twenty-four (24) months following the closing date. The Debenture was due to mature in April 2022, was secured against the assets of Addicting Games, and carried interest at 2% per annum. The Purchase Price is comprised of: i) US$10 million in cash paid on closing ii) US$12 million in stock on closing, settled through the issuance of 2,661,164 common shares of the Company (the “Closing Shares”) iii) deferred payments of US$7 million and US$3.8 million, payable on the first and second anniversaries of the closing date, respectively (collectively, the “Anniversary Payments”), which may be settled in cash or common shares at the option of the Company and, iv) the assumption of a convertible debenture (the “Debenture”) in Addicting Games held by the Company, dated April 10, 2019, of approximately US$1.6 million inclusive of principal and accrued interest to the closing date. Pursuant to the terms of a share purchase agreement (the “SPA”) dated September 3, 2021, the Company acquired 100% of the issued and outstanding shares of Addicting Games for total consideration of approximately US$34.4 million (the “Purchase Price”). “Combining Enthusiast Gaming’s scale and expertise with our properties and titles will increase engagement, drive new revenue opportunities, and provide the resources to develop new titles and fan experiences.” “We’re excited to join the Enthusiast Gaming family,” said Bill Karamouzis, CEO and Co-Founder of Addicting Games.
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Addicting Games offers subscriptions and in-app purchases on many of its properties. Addicting Games’ audience spends over 15 minutes per average visit playing on titles spanning action, sports, puzzles, and more. Today, Addicting Games provides an extensive library of over 1,500 games to approximately ten million gamers monthly. Since the early 2000s, Addicting Games has helped to popularize casual gaming online, developing and distributing innovative games. I look forward to welcoming the Addicting Games team to the Enthusiast Gaming family.” At the same time, our media platforms and influencers will expand the reach of Addicting Games’ current titles. “Addicting Games integrates with existing advertising and subscription revenue streams and unlocks new streams such as in-game purchases, and other affiliate type deals.
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“I’m thrilled to announce the acquisition of Addicting Games, a pioneer in casual gaming with nearly twenty years of experience building a loyal audience of gamers,” said Adrian Montgomery, CEO of Enthusiast Gaming. The Acquisition delivers on Enthusiast Gaming’s buy and build growth strategy and expands the Company’s fan flywheel into casual gaming to own more monthly active users and viewers within the key Gen Z and Millennial demographics.
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(“Enthusiast Gaming” or the “Company”) (NASDAQ:EGLX) (TSX:EGLX), a media and content platform for video game and esports fans to connect and engage, is pleased to announce it has acquired Addicting Games, Inc (“Addicting Games”), an innovator in casual gaming, for approximately US$34.4 million (the “Acquisition”). 07, 2021 (GLOBE NEWSWIRE) - Enthusiast Gaming Holdings Inc.