ALL THE LATEST NEWS ABOUT THE BUSINESS OF PC GAMES

News

Esports outfit Faze going public with $1bn valuation

Date Type Companies involved Size
October 26th, 2021 merger $291m
Esports outfit Faze going public with $1bn valuation

Pro-gaming organisation Faze Clan is going to be going public in the near future via a special purpose acquisition company (SPAC).

This will see the firm merge with B. Riley Principal, with Faze receiving $291 million as a result. This unified company will be called Faze Holdings and has its eyes on a $1 billion combined valuation. On the NASDAQ stock exchange, it will be appearing as FAZE. The company aims to go public in the first quarter of 2022.

"In our short history, we have evolved from a disruptive content generator to one of the world's most decorated and successful esports franchises, and now into one of the younger generations' most recognised and followed brands globally," said Faze Clan CEO Lee Trink.

"We believe Faze Clan is becoming the voice of youth culture, a brand that sits at the nexus of content, gaming, entertainment and lifestyle in the digital-native world. This transaction will provide us capital and access to the public markets, which will help us accelerate the expansion of our multi-platform and monetisation strategy."

SPACs have become increasingly popular in the last year or so and have been regarded with suspicion by many members of the financial community. This is because SPACs allow companies to circumvent many of the important processes that are part of an IPO, like filing an S1 –essentially an open financial book of what your company has been up to – with the US Securities and Exchange Commission.


Tags:
PCGamesInsider Contributing Editor

Alex Calvin is a freelance journalist who writes about the business of games. He started out at UK trade paper MCV in 2013 and left as deputy editor over three years later. In June 2017, he joined Steel Media as the editor for new site PCGamesInsider.biz. In October 2019 he left this full-time position at the company but still contributes to the site on a daily basis. He has also written for GamesIndustry.biz, VGC, Games London, The Observer/Guardian and Esquire UK.

Comments

No comments
View options
  • Order by latest to oldest
  • Order by oldest to latest
  • Show all replies