PIF-backed Savvy Gaming Group, a games and esports company, completed the acquisition of ESL Gaming, a German esports organizer and production company, and FACEIT, an esports platform, from Modern Times Group, a strategic acquiror and operator of esports and gaming entertainment companies, for $1.5bn. "MTG has a long history of identifying successful companies and leveraging talented teams to create shareholder value, including backing them with additional capital. We were in advanced discussions with FACEIT to merge the two businesses and received approaches from parties who shared our vision and who were interested in acquiring or investing in both companies. In response, we embarked on a process to review our options and the transaction announced today is the culmination of that process and represents an exceptional crystallization of value for MTG's shareholders. The merger with FACEIT will also enable the new company to bring gamers a wide range of new services and products. We are convinced that Savvy is the right owner who will continue to invest in the development of ESL FACEIT Group to nurture and entertain players and fans globally," Maria Redin, MTG CEO.