Enthusiast Gaming Holdings Inc. (TSXV:EGLX) signed a definitive agreement to acquire assets of The Sims Resource for $20 million on January 3, 2019. Pursuant to the Transaction, Enthusiast will acquire all of the assets related to The Sims Resource, including, but not limited to, customer and supplier lists, trade names, business goodwill, intellectual property, software, the domain name, website content, social media accounts and Enthusiast will not assume any liabilities or obligations of the Vendors outside of those normally assumed in relation to employment and certain other contractual obligations. As consideration for the acquired assets, Enthusiast will pay, at closing, an initial amount of $4 million in cash and $2 million in common shares. A deferred payment of $14 million will be paid on or before the first anniversary of closing. Enthusiast anticipates that it will need to secure financing in order to meet the Deferred Payment. As of December 31, 2018, The Sims Resource reported $5.13 million in revenue, $3.85 million in adjusted EBITDA and approximately $3.3 million in net income. Completion of the Transaction is subject to satisfaction of a number of customary conditions, including the approval of the TSX Venture Exchange and is expected to close prior to February 15, 2019. Erik Fahlgren, Malin Albert, Evelina Olsson, Virginie Kurtz and Dai Nagamori of Hammarskiöld & Co. AB acted as legal advisors to Enthusiast Gaming Holdings Inc.