ESL and Dreamhack are now owned by Saudi Arabia

A holding company owned by Saudi Arabia’s Public Investment Fund has bought esports event organizer ESL Gaming and tournament platform FACEIT, pending regulatory approval.according to sports business magazine, both companies are priced at $1.5 billion.As part of the acquisition, the two companies will merge into ESL FACEIT GROUP, and plan to combine their technology and expertise to “create the ultimate platform for competitive gaming.”

Headquartered in Cologne, Germany, ESL hosts major CS:GO, Dota 2 and other tournaments, as well as the combined Dreamhack LAN event in 2020. FACEIT is a competitive gaming platform that provides anti-cheat, matchmaking and tournament organization for players and game publishers. After the merger, ESL CEO Craig Levine and FACEIT CEO Niccolo Maisto will jointly lead the new organization.