Torque acquires esports YouTube channel and Driver Database
June 3, 2020
Torque Esports Corp. has completed the acquisitions of The Race YouTube Channel (previously known as "LetsGoRacing") and Driver Database. Both transactions were previously announced as 51 per cent acquisitions, but Torque has now acquired 100 per cent of both businesses.
The Race YouTube channel focuses on motorsport and esports racing content, from the creators of The Apprentice. The channel has achieved more than 57 million views from fans across the globe who have watched 373 million minutes of content since 2013.
Founded in 2004, Driver Database is a leading data provider to racing drivers and the general motorsport industry and has more than 90,000 active monthly users.
Summary of Acquisition Terms
The Race / LetsGoRacing YouTube
Torque acquired 100 per cent of the channel pursuant to a share purchase agreement dated June 2, 2020 for the following consideration:
Total cash consideration of £315,000 (approximately CDN$530,000) to be payable to the shareholders of The Race / LetsGoRacing in tranches over 12 months from closing.
3,000,000 common shares of Torque to be issued to the shareholders of The Race / LetsGoRacing.
Torque acquired 100 per cent of Driver Database in exchange for the issuance of 1,500,000 common shares of Torque to be issued to the shareholders of Driver Database pursuant to a share purchase agreement dated June 1, 2020.
SOURCE: Torque Esports