“The gaming community represents one of the largest and most engaged segments of the attention economy,” GameSquare CEO Justin Kenna said in a statement. The combined company will offer additional details about structural changes upon the close of the deal. GameSquare expects to reach $18 million in cost saving synergies from the FaZe Clan acquisition.
Upon completion of the deal, current GameSquare shareholders will own approximately 55% of the merged company, while current FaZe Clan shareholders will own approximately 45%.
It has been approved by both companies’ boards and is subject to approval by the shareholders. The acquisition, which is an all-stock deal, is expected to close in the fourth quarter of 2023. Currently, Christoph Pachler serves as interim CEO of FaZe Clan. As part of the deal, GameSquare is appointing FaZe Clan founders at the top of the brand, which will operate as an independent division of GameSquare, to “reestablish authority”: Richard “FaZe Banks” Bengtson as CEO, Thomas “FaZe Temperrr” Oliveira as president and Yousef “FaZe Apex” Abdelfattah as COO.
