OverActive Media Corp. officially added an EMEA Valorant Champions Tour slot among a pair of acquisitions completed by the company on Friday.
The Toronto-based company entered into non-binding letters of intent to acquire both KOI and Movistar Riders in January, and the acquisitions have now been finalized. OverActive included up to 30 million common shares of the company for each of the acquisitions, with 22.5 million issued at closing and up to 7.5 million more to be issued based on the company achieving certain revenue targets by the end of 2028.
OverActive acquired all of KOI’s esports assets and brands, including the company’s slot in the Valorant Champions Tour EMEA League.
The KOI acquisition also includes global influencer Ibai Llanos, who co-founded the company, as well as former professional footballer and entrepreneur Gerard Pique. Both join OverActive as “significant shareholders” and brand ambassadors.
OverActive announced several other organizational changes:
–Fernando Piquer, formerly Co-CEO of Movistar Riders was named as Chief Strategy Officer
–Carlos Garcia-Acevedo, formerly Co-CEO of Movistar Riders was named as Chief Commercial Officer
–Carmen Cardenete, formerly of KOI, was named as VP, Marketing
–Mike Schwartzentruber has been promoted to VP, Finance
–Till Werdermann has been promoted to VP, Team Operations
OverActive also acquired all of the issued and outstanding shares of Movistar Riders in a move geared toward the EMEA region. Subject to the approval by Riot Games Inc. and the League of Legends EMEA Championship (“LEC”), MAD Lions will be rebranded to MAD Lions KOI for the 2024 season.
Also subject to approval by Riot, the VCT team will be rebranded to Movistar KOI.
“These acquisitions bring significant synergies and opportunity to OverActive, and we are already seeing their impact across our audience numbers, engagement levels, sponsorships and renewals,” OverActive CEO Adam Adamou said in a statement. “We are filled with the enthusiasm that comes from seeing our combined vision come together into something that is far greater than the sum of the parts.”
Movistar Riders’ esports teams will continue to compete in Spanish markets in League of Legends, Counter-Strike and FIFA. The FIFA team will continue to operate under the Atletico de Madrid brand.
–Field Level Media