Esports titan FaZe Clan has been acquired by holdings company GameSquare for seemingly very little indeed.
As reported by GamesIndustry.biz, the acquisition is an all-stock purchase in which FaZe Clan shares are swapped for fractions of GameSquare stock.
Using outstanding FaZe shares, stock option potential, and GameSquare's closing share price yesterday, GI.biz calculates that the acquisition of FaZe Clan comes to around $18.5 million at the maximum.
That's a pretty hefty fall from grace when considering FaZe Clan's SPAC merger last year, which saw the group valued at around $725 million.
FaZe Clan's Richard Bengtson, who will serve as CEO following the acquisition, says he's "confident" that he can get FaZe Clan back to "where it was in its peak years".
He'll work alongside president Thomas Oliveira, better known as FaZe Temperrr, and COO Yousef Abdelfattah, otherwise known as FaZe Apex, to achieve this.
Whether you follow the world of esports or not, there's a good chance you've heard of FaZe Clan; it's one of the discipline's more well-known exports.
Primarily known for Counter-Strike: Global Offensive (which was replaced with Counter-Strike 2 last month), FaZe also competes in tournaments for other games like Halo Infinite, Rocket League, and PUBG.
The group has also teamed up with brands like Nike, DC Comics, and McDonald's for advertising campaigns and product partnerships.
It's fair to say that the worldwide profile of esports as a whole appears to be on the rise.
The 2022 Commonwealth Games, which were held in Birmingham in the UK, featured esports as a pilot event, with a view to implementing the discipline as a regular event in future.
Esports is also hugely popular in China; a survey last year found that China housed more esports fans than the entire population of the United States.
Stay tuned for more information on all things esports.