Houston Outlaws esports team sold to local real estate investor for $40 million

Game on

Houston's esports team has been sold to a local investor. Jamie McInall/Pexels

Houston real estate investor Lee Zieben has agreed to terms with Immortals Gaming Club to purchase the Houston Outlaws for a total deal value of $40 million, sources familiar with the deal told ESPN.

According to an original ESPN report, the deal has not been executed but is expected to close in late August, with Zieben currently having a binding letter of intent with Immortals for the purchase, according to sources. Paperwork submission to and approval of the Overwatch League is pending, league sources said.

If completed as expected, Zieben will pay $30 million in cash and securities and assume the $10 million debt in remaining payments to the Overwatch League for the Houston Outlaws franchise slot, sources said. Immortals declined to comment. Lee Zieben's office and the Overwatch League did not respond to a request for comment.

Immortals will sell the team after they acquired Infinite Esports & Entertainment, the parent of OpTic Gaming and the Outlaws, in June.

Immortals will retain their ownership of OpTic, splitting that team and the Outlaws for the first time. In June, Immortals completed a deal with Activision Blizzard to enter the franchised Call of Duty League that is set to launch in 2020.

The deal for Infinite saw Immortals guarantee payments of $35 million to $45 million worth of cash and equity share to Texas Esports — backed by Texas Rangers owners Neil Leibman and Ray Davis and Houston Astros minority owner John Havens — and Aurelius Esports, led by former Infinite president Chris Chaney. Immortals also assumed debts Infinite owed, including the Outlaws' Overwatch League payments and OpTic's remaining franchise fees to the League of Legends Championship Series, totaling the deal to an enterprise value of over $100 million.

With the acquisition of Infinite, the Overwatch League required Immortals to sell the Outlaws to a third party as quickly as possible, due to Immortals' ownership of the fellow league team, the Los Angeles Valiant. No team is allowed to own equity in two different teams in the Overwatch League.

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Continue reading this story from our content partner, ABC13.

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Intuitive Machines strikes $49.3M deal to expand lunar communications network

space deal

Houston-based Intuitive Machines is bulking up its space-to-ground data network with the acquisition of United Kingdom-based Goonhilly Earth Station and its U.S. arm, COMSAT.

The $49.3 million cash-and-stock deal would add 44 antennas to Intuitive Machines’ network. The acquisition is expected to close in the third quarter.

Intuitive Machines, a space infrastructure and services company, designs, builds, and operates spacecraft and data networks for lunar and deep-space missions. Goonhilly operates a satellite Earth station in Cornwall, England.

Intuitive Machines says Goonhilly’s and COMSAT’s civil, commercial, and government customers will complement its current customer base and broaden its reach into related sectors.

“Customers have been clear that they want a single, integrated, and resilient solution for their communications and [position, navigation, and timing] needs as they accelerate missions at an unprecedented pace,” Steve Altemus, co‑founder and CEO of Intuitive Machines, said in a news release.

Kenn Herskind, executive chairman of Goonhilly, says the acquisition “will allow us to scale that capability globally and directly support the next era of lunar exploration. Together, we will be creating a commercial lunar communications network that is interoperable, resilient, and ready to support Artemis and international missions.”

Modular nuclear reactor co. NuScale Power moves into Houston market

New to Hou

The nuclear energy renaissance continues in Texas with an announcement by NuScale Power. The Oregon-based provider of proprietary and innovative advanced small modular reactor (SMR) nuclear technology announced in April it would be opening office space in Houston’s CityCentre.

“Opening this space in Houston underscores our commitment to meeting rising energy demand with safe, scalable nuclear technology,” John Hopkins, NuScale president and CEO, said in a news release. “This move expands our presence in a key market for partners, prospective customers, and stakeholders in addition to positioning us for the future as we focus on the near-term deployment of our industry-leading technology. Texas is leading the way in embracing advanced nuclear for grid resilience and industrial decarbonization, and we’re proud to expand our footprint and capabilities in this important region.”

Interest in nuclear power has been growing in recent years thanks to tensions with oil-rich nations, concerns about man-made climate change from fossil fuels, and the rapidly increasing power needs of data centers. Both Dow and Texas A&M University have announced expanded nuclear power projects in the last year, with an eye of changing the face of Texas’s energy industry through smaller, safer fission reactors.

Enter NuScale, founded in 2007 from technology developed at the University of Oregon. Their modular SMR technology generates 77 megawatts and is one of the only small modular reactors (SMR) to receive design approval from the U.S. Nuclear Regulatory Commission (NRC). These advances have led to runaway success for NuScale, whose stock has risen by more than 1,670 percent since the start of 2024.

The new operations campus in CityCentre is expected to facilitate the movement, installation and coordination of NuScale technology into the various energy systems. Typically, SMRs are used for off-grid installations, desalination operations, mining facilities and similar areas that lack infrastructure. However, the modularity means that they can be easily deployed to a variety of areas.

It comes none too soon. ERCOT projects that Texas data centers alone will require 77,965 megawatts by 2030.

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This article first appeared on EnergyCapitalHTX.com.

Pharma giant considers Houston for $1 billion manufacturing campus

in the works

Another pharmaceutical giant is considering Houston’s Generation Park for a manufacturing hub.

According to a recent filing with the Texas Jobs, Energy, Technology and Innovation (JETI) program, Bristol Myers Squibb Co. is considering the northeast Houston management district for a new $1 billion multi-modal pharmaceutical manufacturing campus.

If approved, the campus, known as Project Argonaut, could create 489 jobs in Texas by 2031. Jobs would include operations technicians, engineering roles, administrative and management roles, production specialists, maintenance support, and quality control/assurance. The company predicts annual average wages for these positions to be around $96,000, according to the filing.

The project currently includes the 600,000-square-foot facility, but according to the filing, Bristol Myers Squibb “envisions this site growing in scale and capability well beyond its opening configuration."

The Texas JETI program offers companies temporary school property tax limitations in exchange for major capital investment and job creation. E.R. Squibb & Sons LLC applied for a 10-year tax abatement agreement in the Sheldon Independent School District.

The agreement promises a $ 1 billion investment. Construction would begin in 2027 and wrap in 2029.

“The proposed project reflects [Bristol Myers Squibb Co.’s] enduring commitment to bringing innovative medicines to patients and ensuring the long-term supply reliability they depend on,” the filing says. “The proposed project is purpose-built to support and manufacture medicines spanning multiple therapeutic areas and modalities, positioning the site as a long-term launch and commercial campus for decades to come. These medicines will provide therapies to the [Bristol Myers Squibb Co.’s] patients located in markets both nationally and internationally.”

The Fortune 100 company is considering 16 other cities for the new manufacturing facility in the Central and Eastern markets in the U.S. According to the Houston Chronicle, Bristol Myers Squibb Co is still in the “evaluation process” for its potential manufacturing site.

Last fall, Eli Lilly and Co. selected Generation Park for its $6.5 billion manufacturing plant. More than 300 locations in the U.S. competed for the factory. Read more here.

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