Canadian esports holding company OverActive Media has announced it has entered into a non-binding letter of intent (LOI) to acquire Spanish esports organisations KOI and Movistar Riders.
If the acquisition goes through the company will acquire all of the organisations’ esports assets and aims to unite them under a singular brand by the end of 2024. OverActive Media is notably the parent company of League of Legends franchise MAD Lions.
Providing approval is given by game developer Riot Games, OverActive Media’s acquisition of KOI and Movistar Riders will see the company enter the LEC 2024 season under the MAD Lions KOI banner. In addition, the company will also secure a slot in the VALORANT Champions Tour EMEA League with the existing team expected to be rebranded to Movistar KOI.
Alongside changes to OverActive Media‘s esports operations in the EMEA region, Movistar Riders’ Founder Fernado Piquer joins the company as its Chief Strategy Officer while Movistars Riders CEO Carlos Garcia-Acevedo will become the Chief Commercial Officer for the EMEA region. In addition, OverActive will enter into service agreements with KOI co-founders Ibai Llanos and entrepreneur Gerard Piqué.
According to a release, the acquisitions are subject to various conditions. This includes the negotiation of a definitive purchase agreement, the completion of both purchases and necessary approvals.
Once the acquisition has closed, Movistar Riders co-founder Gabriel Saenz de Buruaga and Piqué will join the OverActive Media board of directors. According to a release, their ‘combined experience across esports, sports and popular culture is invaluable to the OverActive board.’
OverActive Media states the acquisitions will ‘add CAD$10m to CAD$12m in revenues in 2024’ in addition to increasing the company’s reach to over 100m across its portfolio. Along with League of Legends and VALORANT, OverActive Media also operates the Toronto Ultra Call of Duty League franchise. In November 2023, the company’s Toronto Defiant Overwatch League franchise exited the league after terminating its Team Participation Agreement.
Adam Adamou, CEO of OverActive Media, spoke on the news: “Adding KOI and Movistar Riders to OverActive will solidify our position in Spain, EMEA and Latin America.
“Both brands are active in complementary esports titles, have industry-leading talent and social influence, top-tier relationships, and related services that bring strong synergies across our combined portfolio of assets. We have spent much time with Ibai, Gerard, Fer, Carlos, Gabriel and their respective teams, and we are all aligned in wanting to make an immediate impact through this combination.”