Australia-based Riva Technology and Entertainment Limited (RTE), a subsidiary of MSM Corporation International Limited, announced that it has fully acquired its subsidiary, the UAE-based esports platform Galaxy Racer Holdings Limited (GXR), to merge into one entity under the name “Celestial”.

Galaxy Racer Holdings Limited (GXR) is an eSports, content creators, music, and sports powerhouse.

The union marks a big step for both companies as they seek to combine their resources into the new brand ‘Celestial’, a newly incorporated holding company with an initiative aimed at establishing a dominant media and sports conglomerate.

Under the terms of the Transaction, RTE will acquire the remaining securities of GXR that it does not already own, consolidating its expertise and resources to boost sales and enhance audience engagement, with a focus on the young consumer market in the MENA region and Indian sub-continent.

GXR recently unveiled a joint venture with LaLiga, set to revolutionize the sports media rights industry within the MENA region and Indian sub-continent.

To fuel further growth and expansion, the newly enlarged MSM/RTE group of companies plans to initiate a substantial fundraising round to attract global investors who have an interest in the potential within the gaming, sports and creator economy sectors. 

Antoine Massad, MSM Chairman, highlights the significance of this merger, stating, “This Transaction marks a momentous milestone in our journey. Together, we are building a closed-loop ecosystem that encompasses gaming, IP, consumer product development, licensing, sports collectibles, sports content and distribution, eSports, and the creator economy. 

“This strategic move perfectly aligns with our Celestial investment strategy, positioning ourselves to capitalize on the remarkable growth projected in gaming and eSports across the MENA region and Indian sub-continent. We are excited to tap into the immense potential of these regions and actively contribute to their thriving gaming industry,” Massad added.

Paul Roy, Founder and CEO of GXR and Founder, Managing Director and CEO of MSM/RTE, shares his insights for the merger, stating, “We are pleased to announce the Transaction, a significant landmark moment resulting from meticulous planning and strategic efforts.

“The combination of GXR’s product and services fueled by a vast audience alongside RTE’s portfolio of successful companies that share the same vision and values is a mix that has already proven successful.

“As Celestial takes shape, both companies are primed to leverage their collective strengths, capitalize on emerging opportunities, and shape the future of the media and sports industry. The rebranded holding company shall set its sights on spearheading innovation, engaging audiences, and leaving an indelible mark on the rapidly evolving landscape,” Roy added.