Metaverse Company purchases ReKTGlobal in a 9-figure deal
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A little-known metaverse company has acquired ReKTGlobal for close to half a billion dollars, and the acquisition signals a change of dispensation for the Esports Company.
ReKTGlobal Set for Leadership Change
April 12, 2022, marked the beginning of a new dispensation for ReKTGlobal and its assets. The parent company of the London Royal Ravens and the esports team, Rogue, was acquired for a fee of $470 million. The company announced the sale on its official Twitter page, stating that the deal signals the next chapter in their evolution into the metaverse. While the agreement is yet to be concluded, it would see the new owners acquire all the assets and brands currently owned by ReKTGlobal.
Interestingly, however, the new owners are a relatively unknown metaverse company called Infinite Reality. They were able to gain ownership of ReKTGlobal by purchasing almost half a billion USD worth of its stock. That gives Infinite Reality a significant portion of ReKTGlobal’s total stock which they evaluated as worth $2 billion in equity.
The acquisition of ReKTGlobal also gives Infinite Reality ownership of multiple businesses, which include Rogue and London Royal Ravens. Esports content production agency Greenlit Content and internet talent management company TalentX Entertainment are also part of the assets that the metaverse company will acquire at the end of the high-profile business deal.
ReKTGlobal Founder and Chairman Amish Shah stated in an interview with Forbes that the long-term goal for ReKTGlobal is to become a 10, 20, $30 billion company. And they believe they’ll achieve it faster with Infinite Reality.
Infinite Reality: Meet The New Owners
Infinite Reality is a company operating primarily in the metaverse space. The company results from the merger of Display Social, an eCommerce platform, Thunder Studios, and Infinite Metaverse, a metaverse builder.
Infinite Reality develops tools and provides services that help to improve end-user experience in the metaverse. The company essentially supports metaverse creators and brands by developing their content and distribution channels.
To create an open metaverse, they help creators develop content, databases, smart contracts, moderation, authentication systems, and tools for metaverse exploration. And we can expect them to commit all of their resources to expanding and growing ReKTGlobal.
The Future of ReKTGlobal
ReKTGlobal has been on a steady growth trajectory since its inception. The company had carefully carved out a space for itself in the esports sector and had also acquired several businesses along the way. As a result, ReKTGlobal was already a serious player in the market. However, it’s their turn to be assimilated under a new parent company; fortunately, the change is for the better. Infinite Reality confirmed that there would be no layoffs or drastic changes in ReKTGlobal operations. They are specifically interested in expanding the staff groups in some areas to facilitate growth. In addition, the deal will also give fans of Rogues and London Royal Ravens access to the massive Thunder Studios in California.
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