Faze Clan has been acquired just one year after its SPAC merger for an estimated $17 million. The esports organization, which was founded in 2010, has seen its fortunes rise over the last decade, culminating in a public reverse merger with the special purpose acquisition company (SPAC) Sentinels Acquisition Corp that valued the company at around $750 million. After that, Faze was estimated to be worth around $1 billion.
Since the merger, the company has seen some significant changes. The first is the departure of co-founder Richard “Banks” Bengston, who stepped back from his Executive Chairman role but who remains a shareholder in the company. Additionally, Faze joined forces with music producer and gaming content creator Marshmello, culminating in the launch of their new game, Marshmello Music Madness.
Now, Faze has been acquired by Gen.G, an esports organization based in South Korea. Gen.G focuses on helping gamers become successful professionals and have been very successful at it, with teams competing in the Overwatch League and the League of Legends Champions Korea.
The acquisition has been reported to be worth around $17 million, valuing Faze at a fraction of its previous value. It is unclear what the future holds for Faze, as Gen.G has not yet released any official statement on what their plans are for the organization.
It will be interesting to see how the acquisition will affect Faze. Will they remain as an independent esports organization or will they become more tightly integrated with Gen.G? Time will tell, but one thing is for sure – the acquisition marks a significant milestone in the history of Faze Clan.