In one of the biggest takeover deals in the history of the esports industry, Metaverse giant Infinite Reality Inc (IR). has spent around half a billion dollars to acquire digital entertainment giants ReKT Global.
The acquisition is one that is sure to shape the future of the Metaverse but is still to be approved by ReKT Global shareholders, in addition to other regulatory approvals.
Once completed, the acquisition will see IR valued at $2.47 billion, with the company having spent $470 million to complete the all-stock deal with ReKT Global.
Acquiring Their Own Companies
It was barely a year ago that we brought you news that ReKT Global had acquired the TalentX Gaming and TalentX Entertainment brands and would incorporate them into the new talent management arm that ReKT Global was setting up.
Now, just over 12 months later, the company finds itself ready to be subsumed by IR, which itself is a result of a merger of a trio of companies: social ecommerce site Display Social, entertainment creation and production company Thunder Studios as well as the Metaverse creation company Infinite Metaverse.
Since being founded in 2017 by Dave Bialek and Amish Shah, ReKT Global has been one of the pioneers in helping endemic and non-endemic brands and companies improve their presence and enhance their output specifically in relation to the esports and gaming industry.
ReKT Global has been particularly effective in matching brands and companies with experts in the esports and content creator markets and their services have included creating content, marketing, influencer activation, building relationships between fans and stakeholders and helping companies monetize their site.
The acquisition of ReKT Global by IR is seen as the latest move by IR to become an all-encompassing giant in the forthcoming Metaverse and the current esports and gaming industries.
To that end, ReKT’s entertainment and esports business will be integrated into the existing offering that Infinite Reality already have.
Four Main Business Divisions
Specifically, IR will look to inegrate four key divisions of ReKT’s operations.
This includes the company’s esports franchises, which include League of Legends organisation Team Rogue, as well as the London Royal Ravens, who are part of the Call of Duty World League.
Alongside the acquisition of Talent X last year, ReKT has also acquired a number of other businesses that IR are looking to integrate with including content creation and marketing specialists Greenlit Content, digital media specialists Fearless Media and the monetization and engagement specialist platform, FullCube.
“Leading Metaverse Entertainment Company In The World”
CEO of Infinite Reality, John Acunto, commented:
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 ReKT Global’s senior leadership to integrate our valuable combined assets and accelerate Infinite Reality’s growth.
Similarly, ReKT Global Founder Amish Shah was equally positive about the deal.
“We are extremely excited to announce this acquisition to all of our investors, employees, and clients, as well as Rogue and Royal Ravens fans around the world,” he stated.
“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.”
With the Metaverse very much starting to take shape and set to become a permanent and unalterable reality within the next few years, this deal sets up IR to be a major player in the development of this exciting new realm of technology.