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Galaxy Racer and RTE have announced a merger to create Celestial

Posted : 22 May 2023
Galaxy Racer, a global esports organisation, and Riva Technology and Entertainment, a digital media entertainment firm (RTE, previously MSM Corporation International Limited), have announced a merger (GXR).
 
Celestial, the new business, will take use of the partners' combined assets and skills.
 
The newly established holding company, according to the press release, will try to build a powerful media and sports empire, first concentrating on the MENA area and Indian sub-continent.
 
In order to unlock latent synergies, increase revenues, and improve audience engagement, RTE will eventually purchase the remaining GXR securities.
 
The expanding youthful consumer market in the MENA region and Indian subcontinent will be the specific area of attention. The signing of a legally binding agreement and the fulfilment of "the conditions precedent stated in such agreement" are prerequisites for the transaction's completion.
 
Through a fundraising round, the recently enlarged MSM/RTE group of enterprises hopes to foster development and expansion. MSM is also thinking about maybe going public on a reputable stock market.

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