OverActive Media Seeks to Amplify Global Esports Reach with Acquisition of KOI and Movistar Riders

OverActive Media, a Toronto-based esports organization, has entered into a non-binding letter of intent to acquire two prominent Spanish esports entities: KOI and Movistar Riders. This strategic move aims to significantly expand the company’s global footprint and consolidate its position within the European, Middle Eastern, and African (EMEA) esports markets. The proposed acquisition includes the full integration of Movistar Riders and the esports operations of KOI, such as its VALORANT Champions Tour EMEA League team.

The financial structure of the deal is based on an all-share compensation model, with a total valuation of up to $5.7 million CAD ($4.27 million USD) for each entity, contingent on OverActive Media’s share price. The agreement involves the issuance of up to 60 million common shares, with an initial payment of 45 million shares—valued at approximately $8.55 million CAD ($6.41 million USD)—subject to specific lock-up periods ranging from 2.5 to 5 years. Additionally, an earn-out provision allows for an extra 15 million shares based on the achievement of consolidated EBITDA targets between 2024 and 2028.

Beyond the equity transfer, the deal includes cash compensation for KOI co-founders Ibai Llanos and Gerard Piqué in exchange for their ongoing professional services. Upon completion of the acquisition, Piqué and Movistar Riders co-founder Gabriel Saenz de Buruaga are expected to join the OverActive Media board of directors. This consolidation follows a period of organizational restructuring for KOI, including its separation from ReKTGlobal, and reflects a broader industry trend toward scaling operations through strategic mergers and acquisitions. Trading of OverActive Media common shares on the TSX Venture Exchange was halted following the announcement.