*Data updated daily at 18:00 EAT
Egyptian e-sports platform GBarena announced on Monday that it has acquired the Tunisian gaming startup, Galactech. According to the company, the acquisition is a share swap deal. A 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.
Leveraging Galactech’s already-built business rails, this acquisition is expected to help GBarena gain ground in Riyadh, Dubai, and Tunisia. Galactech will also be able to tap into both GBarena’s established user base and resources to strengthen its presence in the region. GBarena says it is eyeing more acquisitions of gaming studios and platforms, especially in the fields of Web3 and AI.