Globe & Mail 08:26 AM EDT, 05/12/2021 (MT Newswires) -- Enthusiast Gaming Holdings Inc. (EGLX.TO, EGLX), which dropped about 4% in Toronto and New York yesterday, said Wednesday that it will acquire Tabwire LLC for US$11 million in cash and stock as part of plans to create a subscription-based social network focused on video games.
Tabwire owns TabStats, which allows players of certain video games such as Ubisoft SA's Rainbow Six Siege and Riot Games' Valorant to track their stats. Additional game titles are set to be added to the platform in the coming months, Enthusiast Gaming said.
The acquisition forms part of Enthusiast Gaming's Project GG, which aims to set up a subscription-based social network where players can compare their stats and share gaming content.
Closing of the transaction is expected by the end of the second quarter, subject to customary closing conditions. Enthusiast Gaming expects to bring Project GG to market later this year.
Enthusiast announced the acquisition just days after closing its purchase of Vedatis SAS, which owns Icy Veins, a fan community platform for Activision Blizzard games.
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