Fosun Sports Group, the pan-sports industry operating subsidiary of Chinese conglomerate Fosun International, has acquired the gaming and esports assets of Foyo and also secured investment from US finance and technology business PEAK6.
Terms of the acquisition were not disclosed, but it was confirmed that Fosun Sports will take ownership of Foyo’s core operating assets and management team across games, esports and sports.
Financial details of the PEAK6 investment were also undisclosed, but Fosun Sports said that the financing would allow the business to deepen the global industrial layout around the core business of sports, esports and games.
PEAK6, which made a minority strategic investment in the business, is the owner of esports brand Evil Geniuses. Fosun Sports made a strategic investment in Evil Geniuses in July this year.
In addition, Fosun International confirmed that its Fosun Sports subsidiary will now operate as a holding entity
“Our organisations have great synergy, from our mutual desire to challenge conformity, to our openness for collaboration, and of course our shared passion for sports, technology and achieving success through hard work, intelligence and innovation,” Fosun Sports chairman Jeff Shi said.
“We are confident PEAK6 can help bring Fosun Sports and Wolves a wealth of knowledge, wisdom and learning, and support Fosun Sports to become a sports industry group with global influence and much success.”
Fosun Sports has been active in the esports market since 2018 when it established an official esports brand through Wolverhampton Wanderers, the English Premier League football club it purchased in 2016.