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Metaverse builder Infinite Reality has agreed to acquire esports and entertainment conglomerate ReKTGlobal, Inc. for $470 million in stock.
The deal, which is subject to shareholder and regulatory approval, would value Infinite Reality at $2.47 billion and would see the company acquire all of ReKTGlobal’s assets and brands.
ReKTGlobal has a number of investors with sports-related backgrounds, including NBA center Rudy Gobert, NFL safety Landon Collins, and ATP player Taylor Fritz.
In January 2019, ReKTGlobal completed a $10.8 million Series A funding round led by musician Nick Gross and has since broadened its reach in the gaming and media industries.
- In June 2019, it purchased internet publishing company Greenlit Content.
- The company acquired fan-based insider program provider Fullcube in October 2019.
- In August 2020, the company acquired Fearless Media, a data-driven media agency.
- Last March, it acquired TalentX Entertainment, a social media monetization company.
Infinity Reality is also in talks to raise $150 million or more through a private investment in public equity and is looking to make additional acquisitions in the near future.
Canceled Plans
ReKTGlobal was in talks to go public via a merger with Bull Horn Holdings Corp, a blank-check company backed by former NBA player Baron Davis. ReKTGlobal canceled its plans, deeming it a smarter move to combine with a larger gaming company.
The newly combined entity is planning to generate at least $100 million in revenue in 2022.
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