TGS Esports Goes To Acquire Even Matchup Gaming

Esports company TGS Esports has signed a letter of intent to acquire tournament organizer Even Matchup Gaming for £ 635,600.

Note that Even Matchup Gaming owns and operates the Canadian combat gaming event Get On My Level (GOML) and the New York Super Smash Bros Let's Make Moves tournament.

If negotiations are successful, TGS will buy back all issued and outstanding shares of Even Matchup Gaming. The purchase will be paid for by issuing up to 5,500,000 ordinary shares at a notional price per share of CAD 0.20. The shares in question will be subject to contract blocking for a period of 24 to 36 months.

According to a press release, the acquisition will enable Even Matchup Gaming to leverage the TGS team and technology to scale business in new cities and countries, as well as reduce event costs. Even Matchup Gaming estimates that over 30% of event costs are in outsourced personnel and manufacturing.

In 2019, before the start of the global pandemic, over 1,700 players participated in GOML with 1.7 million views. Last year, as tournaments moved online, the number of participants increased to 3,000.

Even Matchup Gaming reports that it achieved $ 300,000 in revenue in 2019 and expects significant growth through the use of the TGS team and infrastructure.