Metaplanet Makes Major Esports Play with $134.6 Million Super League Acquisition
Metaplanet has made a major move in the esports industry by acquiring a majority stake in Super League Enterprise, Inc. for approximately $134.6 million. The deal involves Metaplanet contributing 2,100 Bitcoin valued at around $132.1 million and an additional $2.5 million in cash. In exchange, Metaplanet will receive 44,859,400 shares of common stock, representing about 95.7% of Super League's outstanding shares.
The agreement also includes the option for Metaplanet to invest another $210 million into Super League over a period of 24 months. The acquisition is expected to close before November 1st, with the company's current stockholders being diluted to around 4.3% ownership. The deal will result in the expansion of Super League's board to nine directors, five of whom will be designated by Metaplanet.
The esports connection runs deep between the two companies, as Misfits Gaming Group had a significant stake in Super League through an advertising business deal. Evo Fund, which introduced the two companies, has also been involved in the transaction, with its manager Michael Lerch playing a key role in facilitating the deal. The acquisition marks a significant shift for Super League, which will continue to operate as a distinct entity under Metaplanet's ownership.