Infinite Reality, Inc. has announced on Monday that it is acquiring ReKTGlobal in a $470 million all-stock deal, according to a press release. The value of the deal — a merger agreement — is based on an equity valuation for iR of $2 billion, for a combined post-close valuation of $2.47 billion.
With the acquisition, Infinite Reality is aiming to expand on its Metaverse opportunities by adding ReKTGaming, which is involved in gaming, esports and content creation largely through its two esports organizations — Rogue and London Royal Ravens.
“We are extremely excited to announce this acquisition to all of our investors, employees, and clients, as well as all Rogue and Royal Raven fans around the world,” Amish Shah, ReKTGlobal founder and chairman, said. “Our journey does not end today. We are beginning the next chapter in our evolution into the Metaverse.”
ReKTGlobal was founded in 2017 by Shah and Dave Bialek. The primary focus of ReKTGlobal is entertainment and esports businesses, which will be folded into Infinite Reality, who offer creative tools covering social, gaming, virtual and remote production, NFT minting, content and Metaverse creation. Some of ReKT’s investors include the band Imagine Dragons, Nick Gross (son of billionaire investor Bill Gross) and DJ Steve Aoki.
“This acquisition is another step in our journey towards becoming the leading Metaverse Entertainment company in the world,” John Acunto, iR’s CEO, said.
“We believe that the future of business, entertainment, socializing, and learning will be conducted in digital environments and that iR is the company that will bring it all to life,” ReKTGlobal co-founder and CEO Dave Bialek said.
Infinite Reality is a Metaverse innovation and entertainment company. It provides tools and services to other companies and creators who are looking to “develop compelling open Metaverse experiences.” iR’s Thunder Studios also provide production, broadcasting and streaming services.
ReKTGlobal is an entertainment conglomerate. It is the parent company to esports organizations Rogue and the London Royal Ravens, content creator collectives SwayLA and MADGMR, and the creator economy/NIL monetization app, Fullcube. Team Rogue are former League of Legends European Championship winners.
Published: Apr 12, 2022 09:15 am