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Volume 7 No. 109
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Russian Internet Company Mail.Ru Pays Reported $100M To Acquire ESforce

ESforce Holding Ltd., the parent organization of Virtus.pro, "sold all of its shares" to Russian internet company Mail.Ru for a reported $100M, according to Graham Ashton of THE ESPORTS OBSERVER. ESforce, which also owns a majority stake in SK Gaming, was purchased from Anton Cherepennikov and Highland Falls Investment. Cherepennikov will "keep his position as director." According to Mail.Ru’s announcement, the acquisition value totals $100M, with an additional payment set for the end of '18 based on "certain financial and operating objectives," anticipated to reach up to $20M. The current investment volume amounts to approximately $60M, and ESforce’s EBITDA for '17 was negative $15M. Alongside its two esports teams, ESforce Holding owns Epic Esports Events, publications Cybersport.ru and Cybersport.com, dedicated Moscow esports venue Yota Arena and gambling websites CS:GO and Dota 2 Lounge (THE ESPORTS OBSERVER, 1/22).

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