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Infinite Reality to acquire ReKT for $470m in stock

Infinite Reality to acquire ReKT for $470m in stock

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Metaverse company Infinite Reality has agreed to purchase esports leader ReKT Global, owner of both the Team Rogue and the London Royal Ravens teams, in an all-stock deal worth $470m.

Infinite wants to add ReKT’s entertainment and esports business to its existing platform, that already covers social media, gaming, virtual and remote production, non-fungible token (NFT) minting, content and metaverse creation.

Infinite Reality was formed by a merger of social ecommerce platform Display Social, entertainment production company Thunder Studios and metaverse builder Infinite Metaverse, and this latest deal is based on an Infinite Reality equity valuation of $2bn, with a combined post-close valuation of $2.47bn.

In a statement, Infinite’s CEO, John Acunto, said: “The synergies across our combined business units from content creation to Web 3 entertainment to APIs and more are awe inspiring.”