Galactecis a gaming startup headquartered in Tunisia, G Ballena, an Egyptian esports platform. The acquisition will be funded through a share exchange of approximately 1,000 yen. $15 million.
Ah “Share exchange” basically means that in a share exchange, the shares of the acquired company will be exchanged for the shares of the target company at a predetermined exchange ratio.
Galactech is a gaming startup founded in 2016. 200,000 active users and raised about $1.5 million in 3 rounds OTF Games, OQAL Angel, from the Eunice Family Office in Tunisia.
With this acquisition, GBarena will: Riyadh, and Tunisia, leveraging Galactech’s existing business relationships. In addition, Galactech will be able to leverage GBarena’s existing user base and resources to expand its presence in the region. Hausem MaitherCo-CEO of GBarena and former founder and CEO of Galactech.
G Ballenais an esports platform founded in 2015 by . Samir Wagdi When Mustafa Zaza It aims to bring together all esports players from the Middle East and North Africa (MENA) region and around the world. This is the first esports platform in the MENA region.
According to GBarena CEO Wagdy, the acquisition is the first step in achieving GBarena’s goal of serving all stakeholders in the industry and becoming a leading aggregator in MENA.
GBarena is now 650,000 people Used in 27 countries including Saudi Arabia, Egypt and the United Arab Emirates.Company has a report $45 million worthbut the value of Galactech was not disclosed.
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