ReKTGlobal, the company that owns several esports organizations like Rogue and London Royal Ravens, has recently announced it has been bought by Infinite Reality, a company centered around developing the metaverse. ReKTGlobal stated on Twitter, “We’re thrilled to officially announce that ReKTGlobal and all of its assets have been purchased by Infinite Reality. We believe this is the next chapter in our evolution into the metaverse.” By purchasing all of ReKTGlobal’s assets for $470 million, Infinite Reality gained ownership of esports tournament organizer, Rogue; esports Call of Duty team, London Royal Ravens; audiovisual content creation management, TalentX Entertainment; digital marketing agency, Fearless Media; and other digital content companies.
We’re thrilled to officially announce that ReKTGlobal and all of its assets have been purchased by Infinite Reality. We believe this is the next chapter in our evolution into the metaverse.
Read more via @Forbes: https://t.co/vXwzoXqzSD
— ReKTGlobal (@ReKTGlobal) April 12, 2022
As for the purchase, Infinite Reality is purchasing ReKTGlobal completely through stocks based on Infinite Reality’s $2 billion equity valuation. Completion of this deal hinges on standard procedure, mainly ReKTGlobal shareholder approval and business regulation agencies approvals. Due to the nature of ReKTGlobal’s assets, Infinite Reality most likely intends to use this ownership to expand their digital content portfolio, especially for their metaverse. Infinite Reality CEO, John Acunto, stated, “This acquisition is another step in our journey towards becoming the leading Metaverse Entertainment company in the world.”
While Infinite Reality will own all of ReKTGlobal, ReKTGlobal views this acquisition as mutually beneficial. ReKTGlobal’s Co-Founder and Chairman, Amish Shah, stated,
We’re going to come together and our strategy is not going to change, it’s just going to get bigger… we want to be a 10, 20, $30 billion company and we think we can get there quicker. Staying standalone like, I think we could only get to one or two billion in the next three years, but doing this with John and crew we can get there quicker and faster.
Not only will ReKTGlobal’s leadership collaborate with Infinite Reality’s, but ReKTGlobal’s employees will also not be replaced. Shah assured there will not be layoffs in any of the companies owned by ReKTGlobal, in fact, they will be looking to expand its staff. Despite these proclamations and promises, neither company reveals any specifics as to why both companies are heavily investing on each other.