Under the terms of the transaction, the two entities will continue to operate their respective brands, with Team Bliss adding in its announcement that no decisions on “titles or teams” have been made at this time
“Over the coming months management across both parties will be planning out what the future looks like,” the company said in a release.
The acquisition/merger deal was facilitated by Mat Jessep of Game Legal, who “played a large role in making this transition possible, and providing a clean slate for the combined team.” Australian esports industry Chris Smith will also serve as an advisor for the combined entity over the next two years to help with the transition.
The deal was first revealed in August. Australia-based payment processing and investment company SQID Technologies Limited (CSE:SQID) announced last month that it had completed its “arm’s length” share sale agreement with Team Bliss, in which it acquired 100% of ICON Esports Pty Ltd., owner of The Chiefs Esports Club. The purchase price of ICON Esports set by this transaction was $1M AUD ($650K USD) plus a tiered revenue share over the next three years.
As noted in TEA’s previous reporting on the deal, SQID will be entitled to a share of EBITDA generated by ICON for three calendar years; 10% in the first and second calendar years, and 8% in the third calendar year.
ICON CEO Nick Bobir has stepped down from his role at the company, and the remainder of the management team and staff will report directly to the BLSS leadership team.