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THE ESPORTS ADVOCATE

SQID Technologies to Divest ICON Esports to BLSS

The Chiefs Esports Club owner will soon have a new home, management.

James FudgebyJames Fudge
August 3, 2023
in Money
Reading Time: 2 mins read
SQID unloading ICON Esports to BLSS Holdings

Credit: SQID/ICON

Australia-based payment processing and investment company SQID Technologies Limited (CSE: SQID) announced Thursday that it will divest its esports division, ICON Esports Pty Ltd, to Queensland-based esports organization BLSS Holdings Pty Ltd. ICON Esports is home of Australian esports and gaming entertainment brand, The Chiefs Esports Club.

Under the terms of the deal, SQID has entered into an “arm’s length” share sale agreement with BLSS where the company will acquire 100% of ICON Esports share capital. In turn, SQID will be entitled to a share of EBITDA generated by ICON for three calendar years following completion date of the transaction. That EBITDA share will be 10% in the first two calendar years, followed by 8% in the third.

As part of this deal, Australian esports industry veteran Chris Smith will join BLSS as an advisor on a 24-month contract to help ensure a smooth transition. In addition, ICON CEO Nick Bobir has stepped down from his role, but the remainder of the ICON management team will report directly to the BLSS leadership team once the transaction is completed.

The divestment may be subject to regulatory approvals in both Canada and Australia, as SQID is traded on a Canadian exchange.

Tags: AustraliaBLSSCanadaChris SmithDivestmentICON EsportsMoneySQID TechnologiesThe Chiefs Esports Club
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James Fudge

James Fudge

With a career spanning over two decades in the esports and gaming journalism landscape, James Fudge stands as a seasoned veteran and a pivotal figure in the evolution of esports media. His journey began in 1997 at Game-Wire / Avault, where he curated gaming and community news, laying the groundwork for his expertise in the field. In his more recent roles, James cemented his status as an authority in the esports business sphere as Senior Editor Esports at Sports Business Journal and The Esports Observer between 2018 and 2021.

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