FaZe Clan will go public in a SPAC merger valuing the gaming organization at around $1 billion
Jasen Vinlove-USA TODAY Sports/REUTERS
- FaZe Clan will go public in a SPAC merger that values the gaming organization at about $1 billion.
- The group will tie-up with B.Riley Principal 150 Merger Corp., with plans to list in 2022.
- FaZe Clan centers around competitive esports teams that play titles like "Fortnite Battle" and "Call of Duty."
FaZe Clan will go public in a deal with a special purpose acquisition company, valuing the Los Angeles-based gaming group at roughly $1 billion.
FaZe Clan will reach the equity market in the first quarter of 2022 through a deal with B.Riley Principal 150 Merger Corp., the New York-based SPAC said Monday in a statement.
The combined company is expected to have an implied equity valuation of about $1 billion, which includes nearly $275 million in cash on the entity's balance sheet. The stock will be listed on the Nasdaq.
FaZe Clan was established in 2010 and centers around competitive esports teams that play titles like "Fortnite Battle," "Call of Duty," and "PlayerUnknown's Battlegrounds," or "PUBG: Battlegrounds."
More than 350 million people follow the group across its social platforms and through its string of content creators and personalities.
Recent partners include DC Comics, McDonald's, and Doritos, which are brands trying to reach the organization's audience of 13- to 34-year-olds, said B.Riley Principal.
"FaZe Clan, sitting at the forefront of the creator economy, with deep roots in gaming and youth culture, is poised to become the leading digital content platform created for and by Gen Z and millennials," said the SPAC.