Globe & Mail 10:17 AM EDT, 03/17/2021 (MT Newswires) -- Gaming media platform Enthusiast Gaming Holdings Inc. (EGLX.TO) on Wednesday said it has entered into a binding term sheet to acquire Vedatis SAS, which owns Icy Veins, for 7 million euros in cash and stock.
The deal also includes an earnout, subject to the achievement of certain milestones. The acquisition is conditioned on Enthusiast Gaming and Vedatis entering into a definitive agreement, along with customary conditions. Closing is scheduled for the second quarter.
Icy Veins is one of the largest independent Activision Blizzard fan communities, generating more than 3 billion lifetime views of content. The platform provides news and strategy guides for leading franchises like World of Warcraft, Diablo, Heroes of the Storm, Hearthstone and Overwatch.
Enthusiast Gaming has worked with Icy Veins on the monetization of the latter's advertising traffic since 2017. The deal is part of Enthusiast Gaming's efforts to increase its mix of owned and operated properties on its platform. The deal would raise the company's web properties mix to 44% owned based on viewership.
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