Enthusiast Gaming has begun the process of acquiring Steel Media.
Enthusiast Gaming, which owns or is affiliated to over 80 games-related websites including The Escapist and Destructoid, announced it has entered into a non-binding Letter of Intent to acquire all the shares of Steel Media. Steel Media has an extensive portfolio of mobile gaming websites, including pocketgamer.com, appspy.com and 148apps.com.
Announcing the acquisition in a press release, Enthusiast Gaming’s CEO Menashe Kestenbaum said: “Steel Media has built a well-recognized gaming brand and successful businesses across mobile, B2B and events that will enable Enthusiast to scale our business quickly. We have seen a significant increase in mobile gaming, and like Esports, mobile gaming continues to be a huge segment in the industry. The acquisition will position Enthusiast as a leader in the mobile gaming sector and will allow us to take advantage of the continued growth within the industry.”
The press release reveals that: “Under the terms of the LOI, Enthusiast has a binding exclusivity period of 120 days or the agreed upon closing date, whichever is later, to complete due diligence and negotiate and settle definitive transaction documentation.” It also suggests that Enthusiast Gaming will pay between $2.5 million and $3 million to acquire Steel Media.
For further news, keep an eye on Enthusiast Gaming’s website.