Infinite Reality acquires RektGlobal for $470 million in Metaverse play

April 13, 2022 1:31 PM

RektGlobal, the New York-based esports conglomerate and entertainment company, has entered into a definitive merger agreement with Infinite Reality Inc., a metaverse company. The acquisition and merger is a $470 million all-stock deal, based on an equity valuation for investor relations of $2 billion. The deal will be complete once all closing conditions are met, which includes RektGlobal shareholder approval in addition to regulatory and other approvals. This is the second significant metaverse deal this week; Monday, Epic Games raised $2 billion from Sony and KIRKBI, the investment company behind the The Lego Group.  Read more here.