- ESE has completed its acquisition of 51 per cent of World Performance Group and its assets
- WPG’s principal, Wayne Silver, will serve as WPG’s CEO
- The transaction will add WPG’s existing client base to ESE
- ESE is a Europe-based entertainment and technology company focused on gaming, particularly on esports
- ESE Entertainment (ESE) is up 2.17 per cent and is trading at C$2.35 per share
ESE has acquired 51 per cent of World Performance Group (WPG) and its assets.
Under the terms of the agreement, World Phoning Group Inc., Encore Telecom Inc., and their two European operating subsidiaries, WPG Racing Solutions and Foresight Resolutions, have been rolled into a newly incorporated Canadian company, WPG.
WPG’s principal, Wayne Silver, has agreed to serve as the new corporation’s CEO. He will continue to operate WPG’s business and ensure smooth integration of WPG’s infrastructure into ESE’s existing operations.
Mr. Silver has also been appointed to ESE’s advisory board.
He commented on the acquisition, stating,
“Since December 2020, our team has embraced becoming part of the ESE Family, and we’re now pleased to say it’s official. 2021 is off to a tremendous start for WPG.”
WPG provides custom solutions that encompass the traditional esports channels and embrace new contact channels used by many of today’s younger fans.
The transaction will add WPG’s existing client base to ESE. Clients of WPG’s subsidiary, WPG Racing Solutions, include one of the largest esports companies in the world, and one of the largest sports organizations.
Konrad Wasiela, CEO of ESE, commented,
“Our company vision has been clear from the onset – acquire accretive and synergistic companies alongside organic growth to become the largest global esports company.”
The acquisition will deliver on ESE’s core strategic priorities.
ESE paid $128,019 in cash and issued 585,156 common shares to WPG to complete the transaction.
In addition, 6,664,845 common shares will be released in monthly installments over the 36 months following the closing.
ESE has also agreed to make an investment of $750,000 in WPG to fund its working capital needs.
ESE has the option to acquire the remaining 49% of the shares of WPG at any time within 34 months following the closing by paying $624,613 in cash and issuing 2,500,000 common shares.
ESE is a Europe-based entertainment and technology company focused on gaming, particularly on esports.
ESE Entertainment (ESE) is up 2.17 per cent and is trading at C$2.35 per share as of 9:36 am ET.