Midnight Gaming Agrees to Acquire TGS Esports for $18 Million
Midnight Gaming Corporation has announced that it has entered into a Letter of Intent (LOI) dated May 3, 2024, an asset purchase agreement with TGS Esports Inc. This contemplated transaction is expected to unite Midnight, the true pioneer of the “Esports Media” industry, with TGS, a growing esports and gaming organization. This LOI demonstrates Midnight’s ongoing commitment to building a foundation for a healthy gaming and esports industry by investing in, and growing promising brands.
TGS is an industry-leading company focused on connecting brands with fans of the gaming community. This is done through robust marketing campaigns featuring live events, digital tournaments, influencer campaigns, social media integration, and experiential activations. TGS was established in 2018 and is an industry leader in Canada.
“The addition of TGS to Midnight’s subsidiary portfolio is a key component to our future growth at Midnight. Midnight’s media technology, able to reach millions across the globe through Connected TV, enriches TGS the company, our live events and sponsor involvement, that will maximize company profitability,” Ken McGraw, CEO of Midnight Gaming, said.
As part of the LOI, Midnight will retain certain TGS staff and will be assigned certain TGS’s intellectual property (IP) and assets. This IP includes TGS social media channels, website domains, and brands, while the assets include various gaming and AV equipment such as PCs, peripherals, monitors, and more. Midnight will also assume certain existing contracts currently signed with TGS.
“The whole team at TGS is excited at the opportunity to work with Midnight. Ken and I have continued to build our relationship over the past eighteen months and believe now is the right time to come together. This partnership allows us to take the model TGS has built and expand it internationally. Over the past six years we have focused on growing our business and knew there would come a time where additional resources would be needed to take it to the next level. We are confident now is that time and Midnight is the right partner,” Spiro Khouri, CEO of TGS, said.
