Ninjas in Pyjamas is heading overseas.

The legendary Swedish esports organization is merging with Chinese company ESV5. The deal, which was first reported by Reuters in July, has now been confirmed by NiP.

“Today we’re taking a massive step towards that goal by entering a new market together with Chinese esports group ESV5 to create NIP Group—a global organization that fields teams in all the major esports titles,” NiP said.

The new entity created by this merger could be listed in the American NASDAQ by the end of the year, making it the first esports team to feature in the New York-based stock exchange.

For 2021, the companies project combined revenue of more than 400 million yuan ($61.70 million), according to Reuters.

Victory Five, who are currently 17th in the LPL —China’s top division League of Legends league—will be rebranded to Ninjas in Pyjamas in 2022. Due to regulations set by Riot, the name change will have to wait until the 2022 LPL Summer Split.

NiP currently competes in various esports titles, including VALORANT, Rainbow Six Siege, and FIFA. This new deal will mark the return of NiP to the League of Legends professional scene.

Aside from owning V5, ESV5 is responsible for the LPL Shenzhen home venue. Chinese streaming site DouYu is an investor of the company.

Update Aug. 10 4:40am CT: NiP’s announcement, which went live briefly, has since been removed.

Update Aug. 10 5:05am CT: NiP’s official announcement is now live.

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