Israeli esports organisation Finest has announced the acquisition of Monaco Esports Fédération-owned team Monaco Esports for $10m (~£7.6m).

As part of the merger, Monaco Esports operations and branding will cease to exist and will be absorbed into Finest. This won’t include the club’s upcoming Sim Racing event, which will carry on with Monaco Esports branding. 

Louis Ducruet, President of the Monaco Esports Federation, commented: “I am really glad to welcome the Finest group in Monaco, their experience and knowledge of the esports world will help the principality of Monaco and the federation to improve and put Monaco in the front of the scene of esports.”

According to the release, Monaco will also become the European base of the Finest Group. Moreover, new offline competitions are already planned in the city, such as the Monaco Gaming Show, Finest Invitational’s VALORANT’s edition and more.

Boris Fedoroff, President and Founder of Monaco Esports, added: “It is a new era of esports we will witness in Monaco. For years we have been working to build the foundation of what would become a highly global structure.

“Monaco eSports merging with Finest gives that worldwide reach we’ve been expecting. We are now looking forward to the extraordinary results we are going to achieve within this new family.”