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THE ESPORTS ADVOCATE

RTE Signs LOI to Acquire Galaxy Racer

Dubai-based esports organization will be moved under the banner of a new company called “Celestial.”

James FudgebyJames Fudge
May 21, 2023
in Money
Reading Time: 2 mins read
RTE still Intends to Acquire Galaxy Racer

Credit: RTE

Dubai-based Riva Technology and Entertainment Limited (RTE) announced Friday that it has signed a letter of intent (non-binding term sheet) to acquire shares it “does not already own” in esports organization Galaxy Racer. RTE is a wholly-owned subsidiary of MSM Corporation International Limited.

Assuming that the transaction is completed (expected closing dates of the transaction and financial terms were not disclosed), a new holding company will be created called Celestial to house Galaxy racer and RTE, which will focus on “creating a media and sports conglomerate, initially targeted at the MENA region and the Indian subcontinent,” according to a release.

RTE also noted in its release that it plans to initiate a “substantial fundraising round to attract global investors” following completion of the transaction and is considering becoming a publicly-traded company on a “recognized securities exchange” in the future.

Dubai-based Galaxy Racer describes itself as a “transmedia powerhouse focused on esports, content creators, music and sports.“ The company has a presence in North America, Middle East North Africa (MENA), Southeast Asia (SEA), South Asia, and Europe—and through its Nigma Galaxy esports division (the result of a merger between Team Nigma and Galaxy Racer), it competes in Dota 2, League of Legends, Counter-Strike: Global Offensive, Fortnite, Valorant, PUBG Mobile, Battlegrounds Mobile India, and Free Fire.

RTE has investments in multiple companies including video streaming technology and hardware company SUB2r ($3.5M USD), OTT platform Recast ($8.2M), games publisher Rogue Games ($2.5M), and competitive gaming platform OKLetsPlay ($1M), among others, and holds a majority stake in game maker Firefly Games.

Tags: AcquisitionsCelestialDubaiGalaxy RacerIndiaMENAMoneyNigma Galaxy
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James Fudge

James Fudge

With a career spanning over two decades in the esports and gaming journalism landscape, James Fudge stands as a seasoned veteran and a pivotal figure in the evolution of esports media. His journey began in 1997 at Game-Wire / Avault, where he curated gaming and community news, laying the groundwork for his expertise in the field. In his more recent roles, James cemented his status as an authority in the esports business sphere as Senior Editor Esports at Sports Business Journal and The Esports Observer between 2018 and 2021.

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