Faze Clan acquired for $17 million, one year after its $725 million SPAC

Gaming analytics and esports brand company Gamesquare, which counts Dallas Cowboys owner Jerry Jones as one of its investors, is acquiring the struggling gaming influencer group Faze Clan. The all-stock deal is worth about $17 million, Bloomberg reports, a steep drop-off from Faze’s $725-million valuation at the time of its special purpose acquisition company, SPAC, merger in July of 2022.

Now, under the umbrella of Gamesquare, Faze Clan leadership is reverting back to its original founders, including Richard “Faze Banks” Bengtson, who will serve as CEO, Thomas “Faze Temperrr” Oliveira, taking place as president, and Yousef “Faze Apex” Abdelfattah, who takes over as COO. Faze Clan will operate as an independent division of Gamesquare and will be “re-engaging with its core fanbase,” according to the press release.

Gamesquare also owns esports brand Complexity, under which famous Twitch streamer Tyler “Ninja” Blevins serves as chief innovation officer. Faze Clan and Gamesquare plan to close the acquisition in Q4 2023.

Source: The Verge

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