ENGMF - Enthusiast Gaming to acquire Icy Veins

Enthusiast Gaming (ENGMF) entered into a binding term sheet to acquire Vedatis, owners of Icy Veins, for €7M (or ~$8.3M) in cash and stock, plus an earnout subject to certain milestones being achieved.Acquisition completion conditional on inking a definitive agreement; expected to close in 2Q21.Icy Veins is one the largest independent Activision Blizzard fan communities generating 3B+ lifetime views of content.Enthusiast Gaming has worked with Icy Veins, monetizing its advertising traffic since 2017; in 2020, Enthusiast Gaming generated ~$2.4M in advertising revenue for Icy Veins.Post Icy Veins acquisition, Enthusiast Gaming will retain 100% of the advertising revenue but will also immediately unlock the ability to start monetizing the Icy Veins community through the company's differentiated flywheel.The company targets to increase its mix of owned and operated properties on its platform; current acquisition will raise its web properties mix to 44% owned based on viewership.

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Enthusiast Gaming to acquire Icy Veins