The proposed business combination between GameSquare Esports and Engine Gaming and Media has received approval this week from the Ontario Superior Court of Justice.

Announced last December after approval from shareholders of both Toronto-based firms, the arrangement will see GameSquare shareholders own approximately 60% of the combined company, with Engine Gaming shareholders holding the other 40%.

Engine Gaming will acquire all of the issued and outstanding common shares of GameSquare at an exchange ratio of 0.08262 of an Engine Gaming common share for each GameSquare Share.

Going forward, the combined company will trade on the NASDAQ and TSX Venture Exchange under Engine Gaming’s ticker symbol ‘GAME’.

Furthermore, the combined entity is expected to change its name to ‘GameSquare, Inc.’ and retain the ‘GameSquare’ brand globally.

Meanwhile, GameSquare’s CEO Justin Kenna is set to lead the newly merged company, with Lou Schwartz, CEO of Engine Gaming, acting as President.

The Board will keep its formation with Dallas Cowboys owner Jerry Jones and Chairman of Goff Capital John Goff remaining as the largest investors.