FaZe Clan acquired by GameSquare
FaZe Clan’s billion-dollar journey has taken an unexpected — but perhaps inevitable — turn. Burned by controversy and facing a collapsing share price, the embattled North American esports team has been acquired by GameSquare, the Texas-based esports company backed by Dallas Cowboys owner Jerry Jones.
As of today, October 20, the acquisition has been unanimously approved by both companies’ boards. It’s expected to close in Q4 2023, pending shareholder approval. The all-stock transaction merges FaZe and GameSquare into one company, with FaZe stock accounting for approximately 45 percent of the firm’s ownership. If the deal were to close at the companies’ current combined market capitalization of about $35.7 million, it would value FaZe Clan at roughly $16 million.
GameSquare — also a publicly traded firm — is an esports holding company, with ample business units designed to help capture brands’ attention and marketing budgets, such as Stream Hatchet and Ninja Labs. By acquiring FaZe, GameSquare is looking to bolster its connections with the competitive gaming audience by taking ownership of one of esports’ oldest and most recognizable pieces of intellectual property.
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Source:: Digiday
