Metaverse entertainment and production company Infinite Reality (iR) has reached an agreement to acquire esports conglomerate ReKTGlobal for $470m (~£360m).
The merger integrates ReKTGlobal’s esports properties into iR, including its esports team franchises, marketing and partnership services, talent management, and technology products.
The deal, which aims to boost Infinite Reality’s presence in the esports industry, will be settled fully in stocks, based on a $2bn (~£1.53bn) equity valuation for Infinite Reality.
ReKTGlobal Founder and Chairman Amish Shah told Esports Insider that the acquisition is a positive for the esports industry.