Quick take:
- Infinite Reality has completed a $470 million acquisition of ReKTGlobal.
- The all-asset purchase is based on a $2 billion valuation of Infinite Reality.
- ReKTGlobal is the parent of leading eSports franchises Rogue and the London Royal Ravens.
Infinite Reality has made one of its biggest moves in a bid to establish itself as a major player in the metaverse. The open metaverse proponent has acquired leading esports and entertainment company RekTGlobal in an all-asset purchase deal valued at $470 million.
According to the announcement, the acquisition is based on Infinite Reality’s valuation of about $2 billion. It covers ReKTGlobal’s two popular eSports franchises Rogue and the London Royal Ravens, as well as, all other brands owned by the New York-based entertainment company.
RekTGlobal owns multiple businesses including “Greenlit Content, a content production agency specialising in the games and esports space, and TalentX Entertainment, a talent management company with many high profile internet stars on its books.”
The company was founded in 2017 by Dave Bialek and Amish Shah to help brands transition into gaming and eSports competitions. Its acquisition will help Infinite Reality to bring commerce elements to its metaverse including paid media, marketing, influencer activation, fan relationship building and monetization, and more.
Infinite Reality already offers an array of creative tools to its community including social, gaming, virtual and remote production, NFT minting, content, and Metaverse creation.
Commenting on his company’s latest acquisition, Infinite Reality CEO John Acunto said ReKTGlobal is an important step in making Infinite Reality the leading metaverse entertainment company in the world.
“The synergies across our combined business units from content creation to Web3 entertainment to APIs and more are awe-inspiring,” said Acunto.
Amish Shah, ReKTGlobal Founder and Chairman echoed Acunto’s exciting sentiment and commitment to working together for the best of the fans, investors and staff.
“Our journey does not end today. We are beginning the next chapter in our evolution into the Metaverse. The explosive combination of our shared collective assets together creates a dominant, unstoppable force in the marketplace,” said Shah.
Dave Bialek, Co-founder and CEO of ReKTGlobal lauded his colleague’s comment saying “We believe that the future of business, entertainment, socializing, and learning will be conducted in digital environments and that [Infinite Reality] is the company that will bring it all to life.”
Infinite Reality has been taking giant steps recently in a multi-pronged strategy to dominate the metaverse. The company announced a definitive merger agreement with Universal Security Instruments.
It also committed to a Standby Equity Purchase Agreement with Yorkville Advisors Global, LP for up to $200 million upon the successful completion of the merger.
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