Egyptian Esports platform GBarena acquires Tunisian gaming startup Galactech
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Loading... - Luna Alfaro
- 20 Jan 2023
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Egyptian e-sports platform GBarena announced on Monday that it has acquired the Tunisian gaming startup, Galactech. The acquisition, according to Forbes Middle East, is a share swap deal worth around $15 million. Share swap, otherwise called stock-for-stock, refers to a deal wherein the ownership of the shares in the target company (Galactech) are converted into the ownership of the shares in the acquiring company (GBarena) as per a predefined swap ratio. This means, GBarena is buying Galactech with a portion of its stocks.
Though Galactech’s valuation wasn’t revealed, GBarena was reported to enjoy a valuation of $45 million. According to its website, the e-sport platform has over 650,000 users across 27 countries, including Saudi Arabia, Egypt, and the UAE.
Founded in 2015 by Samer Wagdy and Mustafa Zaza, GBarena prides itself as the pioneering e-sport platform in the MENA region, with a mission to connect all e-sport stakeholders in MENA and the entire world. Read More…
