ESV5 Completes Merger With Ninjas in Pyjamas Through Equity Swap

The Chinese esports organization eStar Gaming Victory Five (ESV5) has finalized a merger with the Sweden-based Ninjas in Pyjamas (NIP) through an equity swap. This strategic consolidation creates a new entity operating under the name NIP Group, with ESV5 CEO Mario Ho and NIP CEO Hicham Chahine serving as co-CEOs. While the specific financial terms of the transaction remain undisclosed, the merger represents a significant expansion for both organizations, facilitating NIP’s entry into the Chinese market and the League of Legends and Honor of Kings competitive scenes.

The organizational structure of the new group includes Sun “XiaOt” Liwei, the CEO of eStar Gaming, who will serve as president of NIP Group. Notably, eStar Gaming will continue to operate as an independent entity. The merger also impacts the League of Legends Pro League (LPL), where the V5 team has rebranded to NIP for the Spring Season, marking the first time a Western team brand has competed in the league.

This move is positioned as a major development for ESV5, which has expressed long-term ambitions to pursue a listing on the NASDAQ. By combining NIP’s established presence in first-person shooter titles like CS:GO, Rainbow Six Siege, and Valorant with ESV5’s strong foothold in mobile esports—specifically its Honor of Kings team, which has secured over $10 million in prize money—the NIP Group aims to solidify its competitive and commercial standing across global markets.