Quick take:
- The transaction is expected to provide up to $128 million in proceeds.
- The transaction values the combined company at an equity value of approximately $1.85 billion.
- The net proceeds will be used to continue to build out infrastructure, expand teams and accelerate marketing of iR’s products.
Infinite Reality (iR), a company that develops metaverse experiences for entertainment companies, has entered into a definitive business combination agreement with Newbury Street Acquisition Corporation (Nasdaq: NBST), a special-purpose acquisition company.
Upon completion of the deal, NBST will change its name to Infinite Reality, Inc., and the combined company’s common stock, warrants and units are expected to be listed on the Nasdaq Stock Market.
The transaction is expected to provide up to $128 million in proceeds and values the combined company at approximately $1.85 billion.
After payment of transaction expenses, the net proceeds will be used to continue building infrastructure, expand teams in Europe, Asia, and the United States, accelerate the marketing of iR’s products and services with a focus on sports and entertainment, music, broadcast, and brands, and finance future acquisitions.
“We’re thrilled to announce this business combination and pathway for Infinite Reality to enter the public market. We continue to empower brands to upend the traditional, static one-way viewership of events and online retail experiences,” said Infinite Reality CEO John Acunto.
In November, iR released plug-and-play virtual environments, Infinite Skybox, Infinite Showroom and Infinite Mainstreet, to improve virtual retail experiences and provide brands with the necessary back-end tools, analytics, content moderation, and user management capabilities.
The company also entered into a multi-year partnership with Warner Bros. Discovery Sports to create virtual sports venues in the metaverse. Under this partnership, a preview of the first metaverse experience was unveiled on Dec 2, which brought the UCI Track Champions League to the Web3 world for the first time.
In April, iR acquired esports and entertainment conglomerate ReKTGlobal for $470 million, marking the company’s first foray into competitive global esports as they welcomed onboard ReKT-owned digitally native brands League of Legends LEC champions Team Rogue and Call of Duty League’s London Royal Ravens.
“Infinite Reality has the expertise, innovation, and scale to be a trailblazer helping brands connect directly with their audiences and customize their Metaverse experiences. Online commerce and entertainment will never be the same again. The creative talent and experience of this team sets iR apart and all of us at Newbury are excited to be their long-term partner,” said Newbury CEO Tom Bushey.
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