RTE Signs LOI to Acquire Galaxy Racer

Riva Technology and Entertainment Limited (RTE), a subsidiary of MSM Corporation International Limited, has signed a non-binding letter of intent to acquire the remaining shares of the Dubai-based esports organization Galaxy Racer. This strategic move aims to consolidate both entities under a newly formed holding company, Celestial. The primary objective of this merger is to establish a comprehensive media and sports conglomerate, with an initial focus on capturing market share within the Middle East and North Africa (MENA) region and the Indian subcontinent.

Galaxy Racer operates as a transmedia powerhouse with a global footprint spanning North America, Europe, Southeast Asia, and the MENA region. Its esports division, Nigma Galaxy, maintains a competitive presence in several major titles, including Dota 2, League of Legends, Counter-Strike: Global Offensive, and various mobile gaming titles such as PUBG Mobile and Free Fire. By integrating these assets, the new entity intends to leverage Galaxy Racer’s existing content creation, music, and sports infrastructure.

Following the potential completion of the transaction, the newly formed Celestial plans to initiate a significant fundraising round to attract global investment. Furthermore, the organization is evaluating the possibility of pursuing a public listing on a recognized securities exchange. While the financial terms and specific closing dates for the acquisition remain undisclosed, the move represents a broader effort by RTE to expand its portfolio, which already includes investments in video streaming technology, OTT platforms, and game publishing.