OverActive entered a definitive asset purchase agreement with KOI and Movistar Riders.
OverActive Media has announced that it entered into a definitive agreement to purchase the assets of Goatch Global, S.L. (KOI) and Team Randomk Esports, S.L. (Movistar Riders). OverActive shared the announcement on its official website.
Earlier this month, OverActive signed a letter of intent to purchase KOI and Movistar Riders. Now the three companies have definitively joined together.
OverActive's acquisition details
OverActive will pay for each of the acquisitions of up to 30 million common shares of the company. Upon completion of the acquisitions and issuance of all earn-out shares, OverActive will expect to have 140 million common shares outstanding. Of these shares, 30 million will be held by the former owners of Movistar Riders. Additionally, 30 million will be owned by KOI, according to the announcement.
The company also announced that Telefónica, owner of 15% of Movistar Riders and a long-time partner of the organization, "signed a multi-year partnership extension." According to the statement, "the agreement will represent the largest financial partnership in OverActive’s history."
Founder of KOI, streamer Ibai Llanos, will be a shareholder and brand ambassador upon completion of the transactions, OverActive revealed. OverActive explained that each acquisition will be subject to certain conditions and third-party approval. The TSX Venture Exchange, the board, and in the case of the KOI acquisition, the approval of Riot Games will be a part of this.
First weeks of OverActive, Movistar Riders, and KOI together
The debut of the three companies together, OverActive, Movistar Riders, and KOI already happened in some games. In the League of Legends EMEA Championship (LEC), the game between MAD Lions KOI and Karmine Corp reached 741,400 peak viewers, according to Esports Charts. The team went 3-3 in the competition.
In CS2, KOI, with the former Movistar Riders squad, overcame the online challenges and is in the PGL Major Copenhagen 2024: European RMR A tournament. In February, the team will fight for a place in the Major.
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