Infinite Reality, a metaverse entertainment and production corporation, has agreed to pay $470 million for the esports conglomerate ReKTGlobal.
ReKTGlobal’s esports properties, such as esports team franchises, marketing and partnership services, talent management, and technological products, will be integrated into iR as a result of the transaction.
The deal will be settled entirely in shares, with Infinite Reality valued at $2 billion.
The deal is good for the eSports business, according to ReKTGlobal founder and president Amish Shah. “Both firms are in a big development phase, and given the assets we’re merging, this purchase is accretive for both parties,” Shah said, adding that recent high-profile M&A activity in the industry indicates that gaming has gone mainstream.
Bloomberg reported in January 2022 that ReKTGlobal was in talks to go public through Bull Horn Holdings Corp, a special purpose acquisition company (SPAC), however the concept was eventually shelved.
“We had a lot of M&A activity,” Shah recalls, “whether it was solo, through a SPAC like Faze Clan, or even merging various techniques and going public.” “However, we believed Infinite Reality had the proper team, technology, and traction, and the metaverse sector was one we wanted to enter.”
When asked why the acquisition came from a metaverse firm, Shah explained that ReKTGlobal had been wanting to conduct NFT and other Web3 efforts for a while. “[iR] has a European strategy that aligns wonderfully with our London Royal Ravens and Rogue LEC brands, which you’ll hear more about in the coming weeks.”
“I can’t comment on future plans, but suffice it to say that our supporters will be quite excited about what’s coming up in the next months.” That’s where the market is headed, and that’s where ReKTGlobal’s next development will take place, not just for Rogue, but for all of our assets.
For MetaNews.