07 Feb MSM Corporation merges with Galaxy Racer sister company RTE
Australian entertainment company MSM Corporation International Limited (MSMCI) has finalised a deal to merge with Riva Technology and Entertainment (RTE), the sister company of esports organisation Galaxy Racer.
This is a conclusion of a deal announced last year when the two parties agreed on a future merger. As part of the agreement, MSM Corporation has acquired all the issued share capital of RTE and will merge with the company to create a new ‘global digital media, entertainment, esports, and gaming business’.
(ESI Illustration) Image credit: MSM / RTE
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The two companies first teamed up in 2017 when MTM acquired a 10 per cent stake in Riva Group. As well as the merger, a $15m investment was raised, with most of the funds going directly into increasing equity positions in Galaxy Racer, Recast and BBox.
Paul Roy will serve as the new Managing Director for the merged entity.
Antoine Massad, chairman of the MSMCI, commented: “We welcome Paul to the Company which is in a strong position to deliver on our vision to create a global digital media entertainment, Esports and gaming business.
“On behalf of the Board, we thank Adam as a founding director of the Company for his significant contribution to the development of the Megastar platform. We look forward to accelerating the development pathway for Megastar Version 2.0.”
The news comes at a time of fast growth for Galaxy Racer. The esports and gaming brand has recently invested $10m into the Malaysian esports ecosystem and announced plans to expand further within Southeast Asia. In addition, the company expanded to Pakistan in 2021 and partnered with the Spanish football league LaLiga.
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MSMCI Managing Director and CEO Paul Roy, commented: “We are pleased that the merger has been completed and thank all those involved in the process. This is just the beginning of an exciting journey ahead.
“I am looking forward to our upcoming plans in the pipeline and growing MSM into a true TMT company, as we push boundaries in the world of gaming, content, and esports and define the industry for the next generation.”
Esports Insider says: This is an interesting merger, partially because it includes one of the fastest-growing esports brands in Galaxy Racer. We will have to wait to see how this move affects the esports efforts of the company. MSMCI announced that the company is serious about esports and gaming, there may be even more developments from the firm in the near future.
Latest News, Galaxy Racer, MSM Corporation, RTE
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