Swedish esports and gaming firm MTG has agreed to sell ESL Gaming to Saudi-backed Savvy Gaming Group at an enterprise value of $1.05 billion.

MTG, which owns 91.46% of ESL Gaming, corresponding to $960 million, said it was expecting net proceeds of around $875 million from the deal, including transaction-related costs.

It added that it would return at least 40% of the proceeds to shareholders, while using the rest to strengthen its position in the global gaming market, and continue its “buy and build strategy”.

“Following the transaction, MTG will focus fully on accelerating growth in its pure-play gaming business,” MTG, which has a market cap of around 9.76 billion crowns ($1.05 billion), said in a statement.

MTG, which bought ESL and DreamHack in 2015 and merged them under the name ESL Gaming, has acquired several gaming companies in the past year, including Hutch Games and Ninja Kiwi.

It added that Savvy Group, which is backed by the Saudi Arabian government’s Public Investment Fund, was also buying tech platform FACEIT to merge the two companies into a global gaming platform.

GAMING and content organisation, Horizon Union, has unveiled its entry into APEX Legends through the acquisition of European esports team, Top Dogs.

Competing in the highest level of competitive APEX, the APEX Legends Global Series (ALGS) league, Horizon Union will be represented by players Ruabbe, Mimu and ZeroNothing, who have competed for the likes of G2 Esports, Obey Alliance and ENCE.

Top Dogs, which will now be branded under the name Horizon and powered by UFO Gaming, will be competing in the playoffs of the ALGS on 22 January 2022, after qualifying in the ALGS Split 1  League in December 2021.

Speaking on joining Horizon Union Ruabbe, captain of the Horizon team, said: “Mimu, ZeroNothing and myself have been continuously pushing expectations as a team and are super happy and excited to be joining Horizon Union. Having been given such an opportunity with a leading organisation, we are ready to achieve great things with Horizon throughout 2022.”

The move to APEX further signals Horizon Union’s commitment to entering the esports space following the news of its partnership with decentralised social gaming platform, UFO Gaming, in late 2021. The partnership will see both organisations expand brand affinity in the gaming sphere, with a particular focus on esports.

Will Mollett, co-founder and talent and partnerships lead at Horizon Union, said: “Horizon’s movement into the highest level of APEX is merely a testament to our vision for the brand, with the acquisition of a fantastic EU team, Top Dogs.

“With this spearheading our esports efforts, we could not be happier to be working with a trio of like-minded individuals, hungry for success.”

Kieran Wood, co-founder and operations and commercial lead at Horizon Union, added: “Esports has always been an element of Horizon that we’ve kept close to our heart as the brand scaled. The collective drive to compete at the highest level is a goal that the entire team shares and seeks to achieve with our esports launch.

“Our first steps with Apex Legends is a sign of intent and a nod to what’s to come with Horizon throughout 2022 and we couldn’t be more excited for this venture to begin.”

Founded by Kieran Wood and Will Mollett in 2017, Horizon has grown to house over 35 creators who drive and deliver content via an always-on strategy. Working alongside global brands such as UFO Gaming, GFUEL, Boost Gaming, and ChampionUS, the organisation operates on the core principles of working closely with creators to provide strategic business value, within various verticals in the gaming world.