SQID Technologies to Divest ICON Esports to BLSS

SQID Technologies Limited, an Australian payment processing and investment firm, has announced the divestment of its esports subsidiary, ICON Esports Pty Ltd, to the Queensland-based organization BLSS Holdings Pty Ltd. ICON Esports is the parent company of the prominent Australian gaming and esports brand, The Chiefs Esports Club. This transaction involves the sale of 100% of ICON Esports’ share capital under an arm’s length agreement.

The financial structure of the deal includes a performance-based component, granting SQID a percentage of the EBITDA generated by ICON Esports over a three-year period. Specifically, SQID is entitled to 10% of the EBITDA for the first two years, followed by 8% in the third year. The transition will be supported by industry veteran Chris Smith, who has been appointed as an advisor to BLSS on a 24-month contract. While the existing management team at ICON will continue to report to the new leadership at BLSS, ICON CEO Nick Bobir has stepped down from his position.

The scope of this corporate restructuring is focused on the Australian esports market, though the transaction remains subject to potential regulatory approvals in both Australia and Canada, given SQID’s status as a publicly traded entity on a Canadian exchange. This divestment marks a significant shift in ownership for one of Australia’s most recognizable esports brands, signaling a strategic realignment for SQID Technologies within the competitive gaming sector.