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Members of the FaZe Clan team compete during the FIFA eClub World Cup 2020. Photo: Tullio Puglia - FIFA/FIFA via Getty Images

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.

Watch our free, three-video short course to get smarter, faster on the growing field of SPACs and going public.

Go deeper

BuzzFeed to go public, after shareholders approve SPAC deal

Photo by Charley Gallay/Getty Images for BuzzFeed

BuzzFeed is set to become publicly traded on Monday, after shareholders of a SPAC called 890 Fifth Avenue Partners voted to approve a previously-announced merger.

Yes, but: The vast majority of the money the SPAC raised in January was yanked, a signal that investors aren't very optimistic about BuzzFeed's future prospects.

Axios Visuals Deep Dive: Pandemic eating

Illustration: Sarah Grillo/Axios

A food revolution began pre-pandemic and COVID has only accelerated that. See how America's food industry is transforming, from farm to your table.

Abrams’ campaign manager rules out 2024 run if she wins governor's race

Photo: Jessica McGowan/Getty Images

In her first major interview since the official announcement, Stacey Abrams' campaign manager Lauren Groh-Wargo quashed speculation that the Georgia Democrat would interrupt a theoretical gubernatorial term to run for president in 2024.

Why it matters: Abrams' name has come up repeatedly as a top 2024 Democratic contender given President Joe Biden's age and Vice President Kamala Harris's low favorability rating.

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