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The acquisition will see Infinite Reality integrating Rekt’s esports and entertainment business while merging with its own gaming, social, virtual, and remote production.
On Tuesday, April 12, Metaverse innovation and entertainment firm Infinite Reality announced that it has entered into a definitive merger agreement with eSports giant Rekt Global for $470 million in an all-stock deal.
Infinite Reality and Rekt Global
This comes with Infinity’s equity valuation standing at $2 billion and the combined post-close valuation of $2.47 billion. With this acquisition, Infinite Reality will integrate the esports and entertainment business of Rekt into its existing platform. This integration includes merging with Infinite Reality’s gaming, social, virtual, and remote production. It also includes content, non-fungible token (NFT) mining, and metaverse action.
The announcement notes that Rekt will continue to operate independently post-acquisition. Speaking of the development, Amish Shah, Rekt co-founder and chairman, said:
“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. 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.”
Infinite Reality’s Rise to Success
Infinite Reality was formed through the merger of metaverse builder Infinite Metaverse, ecommerce platform Display Social, and production company Thunder Studios. Leveraging Thunder’s facilities, Rekt plans to create digital twins of its existing gaming and creator brands. Infinite Reality CEO John Acunto said:
“This acquisition is another step in our journey towards becoming 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. We look forward to working with ReKTGlobal’s senior leadership to integrate our valuable combined assets and accelerate Infinite Reality’s growth.”
Gaming and Metaverse firms are coming together as both industries continue to expand rapidly. Furthermore, the arrival of the Metaverse has given a new dimension to virtual gaming and social interactions. Thus, we expect Infinite Reality to build something exciting going ahead.
“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. We will employ the incredible 150,000 square foot production facilities at Thunder Studios to create the digital twins of our gaming and creator brands, as well as the many businesses, municipalities, and brands who also wish to take the transformative step,” ReKTGlobal co-founder and CEO Dave Bialek said.