GamesBeat Summit 2022 returns with its largest event for leaders in gaming on April 26-28th. Reserve your spot here!
Metaverse company Infinite Reality announced it has entered a deal to acquire esports and entertainment company RektGlobal. The $470 million all-stock deal is based on an equity valuation of IR for $2 billion.
As part of the agreement, IR will incorporate Rekt’s esports teams, including Team Rogue and London Royal Ravens, and entertainment business into its existing creative tools for social, gaming, and the metaverse. This also includes their marketing and partnership services, talent management, and technology products. Rekt will continue to operate independently post-acquisition.
Amish Shah, Rekt co-founder and chairman, said in a statement, “We are extremely excited to announce this acquisition to all of our investors, employees, and clients, as well as all Rogue and Royal Raven fans around the world. 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.”
Infinite Reality was created from the merger of ecommerce platform Display Social, metaverse builder Infinite Metaverse, and production company Thunder Studios. Rekt plans to use Thunder’s facilities to create digital twins of its existing gaming and creator brands.
Rekt CEO Dave Bialik told GamesBeat in an interview that Thunder Studios was important for his understanding of the metaverse. “Thunder took this esoteric concept of the metaverse and made it real… I think, in our early days, that’s critically important, for there to be a bridge between the ‘real world’ and the metaverse.”
GamesBeat’s creed when covering the game industry is “where passion meets business.” What does this mean? We want to tell you how the news matters to you — not just as a decision-maker at a game studio, but also as a fan of games. Whether you read our articles, listen to our podcasts, or watch our videos, GamesBeat will help you learn about the industry and enjoy engaging with it. Learn more about membership.