New Wave Esports, a Canadian esports company, entered a share purchase agreement with Toronto-based broadcast and production company Even Matchup Gaming.
Under the agreement New Wave Esports, which previously held an 18% stake in Even Matchup Gaming, will acquire the rest of the company’s issued and outstanding shares, giving it 100% control on the closing of the acquisition.
Even Matchup Gaming vendors will receive an aggregate consideration of $1.23 million. Of this amount, $550,000 is payable in cash. The rest will be paid through the issuance of 7,555,555 common shares with a price per consideration share of $0.09.
Through the acquisition of Even Matchup Gaming, which holds more than 80 events each year including the annual Super Smash Bros. tournament Get on My Level, New Wave Esports plans to expand its esports properties to take advantage of opportunities in the esports market