Ashurst has advised the international media group MTG (Modern Times Group), headquartered in Sweden, on the acquisition of 74 % of the shares in Turtle Entertainment. Operating under the well-known ESL brand, Turtle Entertainment is the world's largest esports company.

The 74% stake was acquired from financial investors and the company's founders for EUR 78 million in cash. The founders and management will retain the remaining 26% and continue in their current positions. Closing of the transaction is subject to local regulatory approvals.

The Ashurst team comprised lawyers from the firm's Stockholm, Frankfurt, Munich, Paris, Madrid and Hong Kong offices.

The Stockholm-based team was led by corporate partner Pontus Bergsten, assisted by senior associates Anders Olsson, Johan Levinsson and associates Andreas Hallbeck and Rasmus Lüning.

Frankfurt-based partner Matthias von Oppen and associate Dominik Richers also assisted on the corporate aspects of the transaction.

Tax advice was provided by senior associate Felix Krüger (Frankfurt), while partners Mats Johnsson (Stockholm) and Ute Zinsmeister (Munich), assisted by senior associate Dr Maria Held (Munich), advised on the competition and antitrust matters.

Partner Dr Andreas Mauroschat (Frankfurt), counsel Jenny Jilmstad (Stockholm) and senior associate Juditha von der Heydt (Frankfurt) advised on the employment matters, while counsel Björn Möller (Stockholm) and counsel Dr Anna-Katharina Lohbeck (Frankfurt) provided IP/IT advice.