Private equity house ATU Partners said Monday that it had signed a deal to buy a controlling stake in South Korean professional esports team DRX through its esports-focused fund worth 20.2 billion won ($17.4 million).
The terms of the deal involving the League of Legends team, rebranded from Kingzone Dragon X, remain undisclosed. Alongside the deal, ATU Partners also reached an agreement to buy an undisclosed stake in esports agency Azyt.
ATU Partners Chief Executive Officer Park Jung-moo (left) and a logo of League of Legends team DRX
The fund is backed by limited partners including Kakao Games, the E&M, Woori Technology Investment and SB Partners. ATU Partners plans to launch another $17 million fund dedicated to cultural content projects by the first quarter of 2020.
ATU Partners was founded in May 2019 by Chief Executive Park Jung-moo, a former McKinsey & Company consultant who headed global business teams in OGN and CJ ENM. The lifestyle-focused PE has named Third Wave Digital Managing Director Allen Deveoise as chief adviser to the fund.
By Son Ji-hyoung (firstname.lastname@example.org