Millennial Esports Corporation has announced its latest move in its esports expansion strategy with the acquisition of a majority stake in Eden Games.
The Canadian company has secured an agreement for 82.5% of the French racing games publisher with a €9 million (£8.1m) investment.
The terms of the deal breaks this down and sees Millennial Esports pay €6,904,039.72 and issue €2,071,310.08 worth of common shares of Millennial Esports to securityholders of Eden Games.
Millennial Esports shall have the option to acquire the remaining interest of Eden Games for one year after the closing date for a purchase price of approximately €2,150,000.
Alex Igelman, CEO of Millennial Esports commented: “Millennial Esports has made the acquisition of Eden Games to expand its offering in Motorsport gaming quickly.
“Eden Games has an almost unrivalled reputation as an independent racing game developer with the huge critical and commercial success of both Test Drive Unlimited and V-Rally. Their successful recent move to mobile games with their first title Gear.Club brought them to our attention. This acquisition is just the first step in our investment in the platform. The portfolio of games built on their technology platforms will expand very quickly now. That will allow Millennial Esports to take part in the significant growth in Mobile Esports gaming revenue globally.”
“The acquisition of Eden Games is just another step in Millennial Esports’ larger strategy,” continued Igelman. “Eden is the fourth European based deal we have completed or announced in 2017. We have made a significant investment in Esports content and event specialists O’Gaming (Paris), acquired Twitch research group Stream Hatchet (Barcelona) and acquired Motorsport and Gaming group IDEAS+CARS (UK). These investments have enhanced the assets we have built mainly in North America to date.”
Esports Insider says: This is another step in the diversification of Millennial Esports’ growing portfolio. Acquiring a game developer for such a fee is a bold move but it falls in line with prior acquisitions such as IDEAS+CARS and events specialists O’Gaming, this is a company that is very much backing the racing game scene. We look forward to seeing their next steps.