South Korean company JUEGO has announced it will no longer proceed with the acquisition of Vietnamese esports organisation Saigon Buffalo.
In a Twitter statement through JUEGO’s esports organisation CNJ Esports, the company cited ‘problems implementing the acquisition process’ as the main reason for the deal falling through.
Moreover, the South Korean company claimed that the acquisition process had ‘severely damaged’ both parties externally and internally in promoting their business.
The statement refrained from detailing specifics surrounding the acquisition.
When the acquisition was first announced in November 2022, JUEGO’s Executive Director Su-Yong Park stressed the importance of creating a stable and high-quality esports department. As part of the deal, Saigon’s branding was retired and its team adopted the CNJ Esports identity. Besides re-signing the League of Legends team, JUEGO revealed it had signed a new head coach, invested in facilities such as a gaming house and teamed up with Korean esports companies.
JUEGO stated that it has completed the transfer of the coaching staff and the players. As a result, the team and its employees can continue their work without any problems. Saigon Buffalo confirmed that its team will compete under its original branding.
Saigon Buffalo is one of the most successful League of Legends teams in Vietnam, competing in the country’s top division, the VCS. The team was founded in 2016 as Young Generation and underwent several name changes prior to settling on the Buffalo branding.
The team placed on 19th place at the Words 2022 championship securing over $33,000 (⁓£27,000) in prize money.