Los Angeles-based Immortals Gaming Club (IGC), said to be one of the world’s largest esports organizations, has acquired Infinite Esports & Entertainment in a $35 to $45 million deal that was officially announced today.
Infinite is the parent company of one of the most well-known esports organizations in the country, OpTic Gaming. Both are both based in Frisco, with the overall company being valued at more than $100 million.
Infinite owns multiple professional esports teams and includes Neil Leibman and Ray Davis—who are also co-owners of the Texas Rangers—among its investors. Leibman and Davis will now become shareholders in IGC after the acquisition, while Leibman will also join IGC’s Board of Directors.
This acquisition is the “largest change of control transaction in esports history,” according to a statement.
Infinite’s board approved the acquisition on May 30, which gave IGC control over their combined team holdings. IGC will now have four brands, including OpTic, and will be in both franchised esports leagues: the League of Legends Championship Series (LCS) and the Overwatch League.
“We’re incredibly excited to work to preserve, sustain, and grow OpTic’s unique and special place as the original content-first esports brand, one that consistently delivers amazing content and championships for its community,” Ari Segal, IGC’s CEO, said in a statement.
OpTic’s esports teams will become part of the IGC roster, including its Overwatch League team and League of Legends franchise team.
Since IGC already owns another Overwatch League team—the Los Angeles Valiant—it must sell OpTic’s Houston Outlaws to maintain competitive integrity between the League’s teams. OpTic’s Counter-Strike: Global Offensive (CS:GO) esports team will also be sold as IGC already has its own.
“We’re incredibly excited to work to preserve, sustain and grow OpTic’s unique and special place as the original content-first esports brand.”
As for OpTic’s team that competes in the popular video game League of Legends, IGC is expected to re-brand it next year. IGC will also maintain OpTic’s rosters in other video games, including Call of Duty.
Along with acquiring major esports teams, IGC is also acquiring the debts of Infinite, including money owed to OpTic for Infinite’s 2017 majority acquisition. Infinite also owes $5 million to LCS and $10 million to the Overwatch League—all of which will now be IGC’s responsibility to pay.
Despite the debts that IGC is taking on, its acquisition of Infinite for $45 million maximum, when it’s valued at $100 million, is more than likely a good deal in the long term. IGC hopes to be the world’s largest esports and gaming company and looks to be well on its way to the top with its new company value of $250 million.
“Bringing together OpTic and IGC creates an organization with an impressive set of assets, a strong management team, a world class Board of Directors and the necessary capital to scale in an exciting marketplace,” Leibman said in a statement. “This amazing portfolio of complementary assets positions IGC to win.”
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.