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Metaverse company Infinite Reality has agreed to purchase esports giant ReKT Global for $470 million in an all-stock deal, bolstering Infinite’s plan to expand its offerings, the company said Tuesday.
- With the acquisition, Infinite said it seeks to add ReKT’s entertainment and esports business to its existing platform, which covers social, gaming, virtual and remote production, non-fungible token (NFT) minting, content and metaverse creation.
- The deal is based on an equity valuation for Infinite Reality of $2 billion, for a combined post-close valuation of $2.47 billion. Infinite Reality plans to go public in a SPAC merger with Universal Security Instruments (UUU).
- Infinite was formed from the merger of social ecommerce platform Display Social, entertainment production company Thunder Studios and metaverse builder Infinite Metaverse.
- “The synergies across our combined business units from content creation to Web 3 entertainment to APIs and more are awe inspiring,” Infinite CEO John Acunto said in a statement.
- ReKT is known for its esports teams such as Team Rogue and London Loyal Ravens. Rogue has garnered 14 world titles and 23 major championships, according to ReKT’s website. Celebrity DJ Steve Aoki is one of ReKT’s investors.