Swedish digital entertainment giant Modern Times Group (MTG) has agreed to acquire 74% of Los Angeles-based Turtle Entertainment, the world’s largest e-sports company well known for its ESL Gaming Network brand, for a total consideration of €74 million.

ESL says it will continue to function as an independent company, with its management team and founders retaining 26% of the company and committing through long-term contracts.

“When we founded ESL 15 years ago, our goal was to bring esports to fans all around the world and establish it as a global sport. Today esports enjoys worldwide recognition and now, together with MTG, it is time to bring esports to the next level” said Ralf Reichert, CEO at ESL.

“We are excited to partner with MTG, who share our enthusiasm for the sport and bring an entrepreneurial commitment to help make this dream come true. MTG’s extensive operational network in over 100 countries, and broadcast sports experience, will help us bring ESL and esports to many more places around the world, while allowing us to continue expanding on strong, strategic local partnerships,” he added.

ESL operates international and national e-sports leagues and tournaments such as the Intel Extreme Masters, ESL One, ESL Pro Series, StarCraft II World Championship Series, as well as grassroots amateur cups, leagues and matchmaking systems.

Also read: Global Fashion Group raises €150M at a €3.1B valuation

And from elsewhere: “Resistance is futile: eSports is massive … and growing”