Enthusiast Gaming Targets Mobile Gaming Market with LOI to Acquire Steel Media, the Leading Global Mobile Gaming Media and Events Company
Will Position Enthusiast as a Leading Publisher in the Mobile Gaming Industry with Significant Growth of Online and Offline Gaming Community
Enthusiast Gaming Holdings Inc. (TSXV: EGLX), (“Enthusiast” or the “Company”) a digital media company building the largest community of authentic gamers, is excited to announce that it has entered into a non-binding Letter of Intent (“LOI”) to acquire all of the shares of Steel Media Limited (“Steel Media”), the largest mobile gaming network in the world, which holds a significant portfolio of consumer and B2B websites, and a series of successful global live networking events.
Founded in 2005 by publishing experts with a focus on quality editorial, Steel Media is the media company behind over 20 mobile gaming media websites including: pocketgamer.com, pocketgamer.biz, appspy.com, and 148apps.com; and is the owner and operator of over 25 video game networking events in 11 different countries.
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Pocket Gamer is the world’s leading destination for the mobile gaming community, including: iPhone, iPad, Android, Nintendo Switch, 3DS and more. As one of the most recognized brand in the mobile gaming industry, Pocket Gamer has over 2 million monthly impressions on mobile and web, and covers multiple sites, events and even printed magazines. The addition of Pocket Gamer to the network will enable Enthusiast to capitalize on the fastest growing segment in the gaming sector, mobile gaming.
Menashe Kestenbaum, CEO of Enthusiast Gaming commented, “Steel Media has built a well-recognized gaming brand and successful businesses across mobile, B2B and events that will enable Enthusiast to scale our business quickly. We have seen a significant increase in mobile gaming, and like Esports, mobile gaming continues to be a huge segment in the industry. The acquisition will position Enthusiast as a leader in the mobile gaming sector and will allow us to take advantage of the continued growth within the industry.”
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Offline, Steel Media is an industry leader in B2B and consumer mobile gaming events. They own and operate numerous successful networking events around the world with 15,000 registered industry attendees and key sponsors and partners. Steel Media hosts Pocket Gamer Party, Top 50 Developer Guide, Mobile Mixers, the Mobile Games Awards, and Pocket Gamer Connects, the largest B2B mobile games conference series in the west, with events in London, San Francisco, Helsinki and additional locations in 2019.
Kestenbaumcontinued, “Steel Media’s series of successful and well established events worldwide will provide an excellent platform for Enthusiast’s event business. Our goal has always been to expand EGLX, and we continue to look at opportunities for multi-city expansion. Having Steel Media’s network of events on our platform will provide synergies for growth and provides access to the international stage.”
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Under the terms of the LOI, Enthusiast has a binding exclusivity period of 120 days or the agreed upon closing date, whichever is later, to complete due diligence and negotiate and settle definitive transaction documentation. The purchase price is expected to be in the range of USD $2,500,000 (CAD $3,353,125) plus an earn-out amount, bringing the total purchase price up to USD $3,000,000 (CAD $4,023,750) based on performance of Steel Media post-closing. There can be no assurances that the transaction will, ultimately, be completed on the terms set out in the LOI or at all, as Enthusiast Gaming must be completely satisfied with the results of due diligence. The LOI includes a two way break fee of USD $50,000 which is triggered by a party’s failure to execute definitive documentation as contemplated in the LOI. If the acquisition of Steel Media is completed, Enthusiast’s network will grow to over 100 websites and will also significantly expand Enthusiast’s reach into Europe.
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The mobile gaming market continues to grow significantly worldwide. This acquisition positions Enthusiast Gaming to capitalize on this trend.
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