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Metaverse specialist entertainment company Infinite Reality has agreed to acquire esports organisation ReKTGlobal in a US$470 million all-stock deal.
The pair have entered into a definitive merger agreement, with completion of the transaction subject to customary closing conditions, including regulatory and ReKT shareholder approval.
Founded in 2017 by Dave Bialek and Amish Shah, New York-based ReKT’s Team Rogue competes in the likes of League of Legends, Fortnite, Rainbow Six Siege, Rocket League, and Apex. Its London Royal Ravens franchise also features in the Call of Duty League (CDL).
In addition, the company supports endemic and non-endemic brands looking to engage with the esports and video game markets. ReKT’s own notable acquisitions include media agency Fearless Media in 2020 and marketing company Greenlit Content in 2019.
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Notable backers of ReKT are National Basketball Association (NBA) ace Rudy Gobert and National Football League (NFL) safety Landon Collins, among others. Investment firm Summit Partners also invested US$35 million back in October 2020.
This acquisition will consolidate ReKT’s entertainment and esports business into Infinite Reality’s offering of creative tools covering social, gaming, virtual and remote production, non-fungible token (NFT) minting, content, and metaverse creation.
“This acquisition is another step in our journey towards becoming the leading metaverse entertainment company in the world,” said Infinite Reality chief executive John Acunto.
“We look forward to working with ReKTGlobal’s senior leadership to integrate our valuable combined assets and accelerate Infinite Reality’s growth.”
Shah, ReKT’s co-founder and chairman, added: “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.”
