Egyptian e-sports platform GBarena announced that it has acquired the Tunisian gaming startup, Galactech.
The acquisition 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 are converted into the ownership of the shares in the acquiring company as per a predefined swap ratio.
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.
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