Enthusiast Gaming Completes Merger with Aquilini GameCo and Luminosity

Enthusiast Gaming (TSXV:EGLX), leading esports company has closed the merger with Aquilini GameCo, Luminosity and J55 Capital (TSXV:FIVE). The combined value of the merged companies includes a cash balance of C$55 million and and estimated audience of 200 million. The new entity, called Enthusiast Gaming Holdings will commence trading on the TSXV under the ticker “EGLX” on September 9, 2019.

As quoted in the press release:

Menashe Kestenbaum, President of Enthusiast Gaming, commented, “Our vision when we founded Enthusiast was to build the largest, vertically integrated esports and gaming company in the world. The merger with Aquilini GameCo and Luminosity was a strategic decision that positions us as a dominant player in the gaming industry and unlocks access to Luminosity’s 60 million dedicated esports fans and one of the largest esports franchises. I look forward to working with our new partners to continue to build and diversify Enthusiast Gaming across the esports, gaming and entertainment sectors.”

Enthusiast is party to a long-term management services agreement with the Vancouver Titans to manage the team which was founded in 2018 and is competing in its first season in the Overwatch League. Overwatch League is an esports competition with 20 teams across six countries and three continents, all centered on the popular first-person shooter game Overwatch. Enthusiast is also party to a long-term services support agreement with Vancouver Arena Limited Partnership (“VALP”) pursuant to which VALP will provide Enthusiast with a broad range of marketing and business support services, including corporate partnership and selling support, retail support, brand association and marketing support (to be provided by Canucks Sports and Entertainment), esports planning and execution, digital and social media support and back office support.

Click here to read the full press release.