Enthusiast gaming closes acquisition of steel media, a leader in mobile gaming

Howard Kennedy acted as UK counsel to Enthusiast Gaming on their acquisition of Steel Media. 
24 Oct 2019
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The acquisition adds 20 Mobile Gaming Websites and 25 Live Mobile Events to Enthusiast Gaming’s Network.

We acted jointly with Minden Gross, a US partner firm who we know through our international legal network Meritas.

Enthusiast Gaming is the largest gaming network in the U.S., and the acquisition of Steel Media means its network now includes over 100 gaming related websites, 900 YouTube channels, seven professional esports teams, +50 social influences and almost 30 live events worldwide. The network reaches over 200 million gamers on a monthly basis.


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We were delighted to assist our Canadian colleagues at Minden Gross in facilitating the acquisition of Steel Media to expand the mobile gaming capabilities of Enthusiast Gaming. We anglicised the deal!

Jonathan Polin, Partner M&A
Upon closing of the Transaction, the Company made a cash payment of US$1,968,536 (US$1,000,000 net of cash on hand) and issued 304,147 common shares in the capital of the Company (the “Common Shares”) for an aggregate value of US$500,000. At the option of the Company, US$1,000,000 of the up to US$1,500,000 balance of the purchase price (inclusive of the maximum earn-out payment) may be settled by way of issuing Common Shares at a deemed price per share equal to the five day VWAP. All Common Shares issued in connection with the Transaction are subject to a 12 month hold period from the date of issuance and approval of the TSX Venture Exchange. 


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