Millennial Esports has now completed the acquisition of Eden Games after successfully closing the first tranche of a previously announced non-brokered equity offering. The $0.70 per Equity Unit placement saw 17,136,258 Equity Units issued for gross proceeds of $12,121,380.
Part of the proceeds from the Private Placement saw the completion of the acquisition of Eden Games, a deal announced back in August.
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 security holders of Eden Games.
The deal sees Eden added to the ever-growing portfolio of companies under the Millennial umbrella. The company now holds MillennialEsports.gg, IEDAS+CARS, Eden Games, O’Gaming TV, thE Arena and Stream Hatchet.
In the release, Millennial Esports CEO Alex Igelman stated: “The acquisition of Eden Games represents a major milestone for Millennial Esports Corp. and demonstrates how the company continues to evolve in parallel with the Esports industry”.
It’s another move into the growing racing simulation space, and Igelman was bullish about the company’s position in the industry. “Eden’s acquisition secures our position as a leading mobile racing game publisher and in combination with our existing racing IP, including World’s Fastest Gamer, positions Millennial as a leader in global Esports racing”.
The second tranche of the Private Placement is expected to be completed by the end of January, and it’ll be interesting to see where the next round of funding goes, considering the acquisition-led growth we’ve seen from Millennial since its inception.
Esports Insider says: Although it’s not technically new news, closing out the acquisition is always a positive. The $12 million raised is no small number and with the second tranche hoping to be completed imminently there’s sure to be more on the horizon.