Metaverse Firm Infinite Reality to Buy Esports Company ReKT | Crypto Bubble
Metaverse Firm Infinite Reality to Buy Esports Company ReKT for $470M in Stock
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 announced on Tuesday.
With the acquisition, Infinite seeks to add ReKT’s entertainment and esports business to its existing platform, which covers social, gaming, virtual and remote production, 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 Inc (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 Web3 entertainment to APIs and more are awe inspiring,” Infinite’s CEO John Acunto said in a statement. “We look forward to working with ReKTGlobal’s senior leadership to integrate our valuable combined assets and accelerate Infinite Reality’s growth."
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.
