ESE Entertainment has announced that it has closed the previously-announced acquisition of all of the business assets and intellectual property of K1CK Esports Club (“K1CK”) from its founder and owner, Pedro Fernandes (the “Vendor”), effective 18 January 2021.
K1CK manages esports teams that compete across multiple games and platforms and, since its inception, K1CK has seen continued success in esports competitions across Europe and the rest of the world. The acquisition of K1CK will allow ESE to further its growing position in the esports industry.
K1CK, founder Pedro Fernandes, commented “This is an important milestone for K1CK as we continue our goal of becoming a global tier-1 brand in the esports industry. We are proud of our successes to date and see a very bright future ahead with ESE Entertainment, in our pursuit of excellence.”
Konrad Wasiela, CEO of ESE, commented “K1CK is a respected and valued brand in the esports and gaming community, and we are excited to work alongside Pedro to take K1CK to the next level. Our goal is clear, we want K1CK to become the next big esports and gaming brand. We want K1CK to be in the same conversation as global esports brand leaders such as Cloud9, G2 Esports, and FaZe Clan. We look forward to having a breakout year in 2021.”
The initial consideration payable on closing by ESE consisted of the following: (i) C$60,000 paid to the Vendor in cash; and (ii) 350,000 common shares of ESE issued to the Vendor. A further C$60,000 cash payment is payable by ESE on demand by the Vendor after 20 January 2021. As part of the acquisition, ESE has also entered into a services agreement with the Vendor, pursuant to which the Vendor will assist ESE with the continued operation of K1CK following closing.