- New Wave Esports (NWES) has completed its acquisition of Even Matchup Gaming
- The company previously held an 18 per cent stake in Even Matchup Gaming, which was acquired in March 2019
- Even Matchup Gaming hosts over 80 events per year, with annual attendee growth of over 7,400 people
- New Wave Esports plans to expand via the addition of major gaming events in key US and Canadian cities
- Shares in the company are currently down 6.67 per cent to C$0.07, with a market cap of C$1.68 million
Entertainment and competitive gaming company, New Wave Esports (NWES), has announced the completed acquisition of Even Matchup Gaming.
New Wave Esports originally held an 18 per cent stake in Even Matchup Gaming, which was acquired in March 2019.
Toronto-based Even Matchup Gaming is an organizer of a variety of events and tournaments within the ‘fighting game community’ – which includes popular games such as Super Smash Bros. and Tekken 7.
The company hosts over 80 events annually, with yearly attendee growth of more than 7,400 people.
“We’re honored to welcome Even Matchup Gaming to the New Wave Esports family. The company that Joe Cribari and his team has built has retained its roots with the fighting game community, and has maintained steady year-over-year revenue and audience growth,” said New Wave Esports CEO, Daniel Mitre.
“EMG’s addition to our portfolio positions us as one of the premiere Super Smash Bros. and FGC tournament organizers within the esports industry. As we look further into 2020, we are excited to expand EMG’s presence throughout North America as we bring additional major events to key cities in the United States and Canada.”
Under the terms of the agreement, New Wave Esports will pay a total of C$1,230,000 to the vendors of Even Matchup Gaming, which will be comprised of C$550,000 cash and 7,555,555 common shares at a price of C$0.09 each.
The cash amount will be payable in tranches over the six months following February 7, starting with C$350,000.
A portion of the common shares will also be subject to a contractual lock-up and will be issued in instalments over the next 12 months.
New Wave Esports’ shares are currently down 6.67 per cent to C$0.07, with a market cap of C$1.68 million.