RTE EXECUTES ACQUISITION AGREEMENT WITH GALAXY RACER

Thursday, July 13, 2023 22:17 EST 1 mins read

Highlights

RTE and GXR have entered into an implementation agreement whereby RTE shall acquire the remaining securities it does not already own in GXR
Ultimate holding company of the group to be re-branded ‘Celestial’ with a focus on creating a media and sports conglomerate, initially targeted at the MENA region and the Indian sub-continent
The Transaction intends to combine RTE’s product and service businesses with GXR’s vast audience

MSM Corporation International Limited ("MSM") and wholly owned subsidiary, Riva Technology and Entertainment Limited (RTE) are pleased to announce the signing of an implementation agreement pursuant to which RTE will acquire the remaining securities it does not already own in Galaxy Racer Holdings Limited (GXR), an eSports, content creators, music, and sports powerhouse incorporated in the British Virgin Islands (the “Transaction”). This strategic union marks a pivotal step for both companies as they seek to combine their strengths and resources to drive the success of Celestial, with an ambitious initiative aimed at establishing a dominant media and sports conglomerate, initially focused on the MENA region and Indian sub-continent.

Founded by Paul Roy in 2019, GXR has emerged as a cross-media business, boasting a strong presence across North America, MENA, Southeast Asia, South Asia, and Europe. Notably, GXR recently unveiled a groundbreaking joint venture with LaLiga, set to revolutionize the sports media rights industry within the MENA region and Indian sub-continent.

Under the terms of the Transaction, RTE will acquire the remaining securities of GXR that it does not already own, consolidating their expertise and resources to unlock untapped synergies, boost sales, and enhance audience engagement, with a particular emphasis on the burgeoning young consumer market in the MENA region and Indian sub-continent. Completion of the Transaction is subject to satisfaction of the conditions.

The MSM and RTE Boards have implemented appropriate protocols to manage the Transaction on the basis Mr Paul Roy is the sole director of Galaxy Racer Holdings Limited. Subject to the conditions precedent being fulfilled, MSM expects to complete the Transaction by 31 August 2023.

For further information contact:

Investor enquiries Chris Jones

P: + 61 (0) 417 985 527

E: [email protected]

RTE Website - www.rte.com.au

RTE LinkedIn - www.linkedin.com/company/riva-technology-and-entertainment/

RTE Twitter – www.twitter.com/RivaTechAndEnt

This content was first published by KISS PR Brand Story. Read here >> RTE EXECUTES ACQUISITION AGREEMENT WITH GALAXY RACER