Enthusiast Gaming closes Omnia acquisition transaction backed by C$17.25M stock offering

Aug. 31, 2020 9:31 AM ETEnthusiast Gaming Holdings Inc. (EGLX), EGLX:CAEGLXBy: Shweta Agarwal, SA News Editor
  • Enthusiast Gaming Holdings (OTCQB:ENGMF) completes the acquisition of Omnia Media from Canada's Blue Ant Media Solutions at the purchase price of 18.25M Enthusiast Gaming's common shares plus C$11M in cash; Stock consideration has a 4-month holding period.
  • Omnia is a Los Angeles-based global gaming YouTube platform that distributes premium, original content with over 500 gaming influencers across YouTube and Twitch. Its pro forma 2019 revenue is ~$110M.
  • The transaction is to immediately generate positive EBITDA and result in over 4.2B monthly views under combined platform.
  • "Enthusiast is now positioned as the largest platform of gaming communities in North America, interacting with over 300 million highly engaged gamers who consume over 4.2 billion pieces of content each and every month," says Enthusiast Gaming CEO Adrian Montgomery.
  • Enthusiast Gaming also completed the related public offering, raising C$17.25M. 
  • Previously: Enthusiast Gaming Holdings reports Q2 results (Aug. 11)

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