Metaverse company Infinite Reality has acquired ReKTGlobal, the parent company of esports team Rogue and Call of Duty League franchise the London Royal Ravens, for $470 million in stock, the organization announced today.
The deal is still pending approval, according to Forbes. The decision to buy ReKTGlobal was reportedly made based on a $2 billion valuation from Infinite Reality and will allow the metaverse company to acquire all of ReKTGlobal’s brands and assets, which include the London Royal Ravens and Rogue.
“We’re going to come together and our strategy is not going to change, it’s just going to get bigger,” ReKTGlobal founder and chairman Amish Shah told Forbes. “So we want to be a 10, 20, $30 billion company and we think we can get there quicker with Infinite Reality. 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.”
ReKTGlobal is a growing company that has made strides in esports since forming in May 2016. Right now, ReKTGlobal hosts five different esports teams across four different titles, most notably in League of Legends and Call of Duty. ReKTGlobal is a franchised partner within the professional leagues for those two games.
On top of its esports divisions, ReKTGlobal has also acquired other companies within the space, such as Greenlit Content, a content production agency specialized in esports, as well as TalentX Entertainment, a talent management company.
As for Infinite Reality, it was formerly known as Display Social before making the pivot into the metaverse. As a result, the company made the name change to Infinite Reality in late January after acquiring a company under that name.
Since then, Infinite Reality and its CEO John Acunto have been busy throughout 2022, making a number of different acquisitions to increase their stake in the metaverse. Recently, the company merged with the publicly traded Universal Security Instruments, a home protection company that produces smoke alarms and other various products, which should allow it to be traded on the New York Stock Exchange.
With a diversified portfolio of various teams and companies that cover both the competitive and industry-related aspects of esports, Infinite Reality will look to use this major acquisition to continue ReKTGlobal’s stake in esports.
Recently, Rogue’s League of Legends team made it all the way to the 2022 LEC Spring Split grand finals before losing 3-0 to G2 Esports. That team will look to improve upon their strong showing in the Spring Split and prepare for the 2022 LEC Summer Split.
The London Royal Ravens, on the other hand, are coming off a top-eight placing in the Call of Duty League’s Major Two earlier this month. London are in third place in the overall 2022 standings right now with 130 CDL Points.