- The transaction is expected to provide up to $128 million in proceeds.
- The transaction values the combined company at an equity value of approximately $1.85 billion.
- The net proceeds will be used to continue to build infrastructure, expand teams and accelerate the commercialization of iR products.
Infinite Reality (iR), a company that develops metaverse experiences for entertainment companies, has signed a definitive business combination agreement with Newbury Street Acquisition Corporation (Nasdaq: NBST), a special purpose acquisition company.
Upon completion of the agreement, NBST will change its name to Infinite Reality, Inc. and the common shares, warrants and units of the combined company are expected to trade on the Nasdaq stock market.
The transaction is expected to provide up to $128 million in proceeds and value the combined company at approximately $1.85 billion.
After payment of transaction fees, the net proceeds will be used to continue building infrastructure, expand teams in Europe, Asia and the United States, accelerate the commercialization of iR products and services with a focus on sports and entertainment, music, streaming and brands and finance future acquisitions.
“We are delighted to announce this combination of assets and the path for Infinite Reality to enter the public market. We continue to enable brands to change the traditional static one-way view of online retail events and experiences,” said John Acunto, CEO of Infinite Reality.
In November, iR launched plug-and-play virtual environments, Infinite Skybox, Infinite Showroom, and Infinite Mainstreet, to enhance virtual retail experiences and provide brands with back-end tools, analytics, content moderation, content, and management skills. of necessary users.
The company has also entered into a multi-year partnership with Warner Bros. Discovery Sports to create virtual sports venues in the metaverse. As part of this partnership, a preview of the first metaverse experience was released on December 2, bringing the UCI Track Champions League to the Web3 world for the first time.
In April, iR acquired esports and entertainment conglomerate ReKTGlobal for $470 million, marking the company’s first foray into competitive global esports as they welcomed digital native brands owned by League of Champions ReKT. Legends, aboard the LEC, Team Rogue, and the Call of Duty League. Royal Ravens of London.
“Infinite Reality has the experience, innovation and scale to be a pioneer in helping brands connect directly with their audiences and personalize their experiences on the Metaverse. Online commerce and entertainment will never be the same again. The creative flair and experience of this team sets iR apart and all of us at Newbury are delighted to be their long-term partner,” said Tom Bushey, Newbury CEO.