Gaming giant FaZe Clan to go public via SPAC
FaZe Clan, a gaming and lifestyle consortium, announced Monday it will enter the public markets via a merger with a special purpose acquisition company (SPAC) that values the combined company at about $1 billion.
Driving the news: FaZe Clan, founded in 2010, touts itself as a "voice of youth culture," with a hand in several industries that target Millennials and Gen Z, such as influencer marketing and e-sports.
- Be smart: A SPAC is a shell company that raises money from the public markets for the purpose of acquiring a private company.
Our thought bubble, via Axios Gaming author Stephen Totilo: FaZe is among the most boisterous presences in gaming culture, and they've been doing their best to grab attention with deals like these or even their recent Sports Illustrated cover.
- The headlines keep emphasizing them as an esports group, but their bigger appeal is as a lifestyle brand — as a crew of gamers people like to watch play games and cheer on.
What they're saying: "We are thrilled to announce this important milestone of FaZe Clan's plans to enter the public market," Faze Clan CEO Lee Trink said in a statement.
- "This transaction will provide us capital and access to the public markets, which will help us accelerate the expansion of our multi-platform and monetization strategy," he added.
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