Infinite Reality and Newbury Street Acquisition (NASDAQ:NBST) signed a business combination agreement today to create a new metaverse-based multimedia company.
Newbury Street Acquisition will change its name to Infinite Reality Holdings (iR) and retain the NBST ticker when it goes live on the Nasdaq.
“Infinite Reality has the expertise, innovation, and scale to be a trailblazer helping brands connect directly with their audiences and customize their Metaverse experiences. The creative talent and experience of this team sets iR apart and all of us at Newbury are excited to be their long-term partner,” said Tom Bushey, Newbury CEO.
Infinite Reality helps companies, sports teams, celebrities and influencers to create commercial opportunities using Web3 enabled events and showrooms. The company also makes it easier to enter the metaverse as it doesn’t require special hardware, headsets or equipment. The transaction is anticipated to bring in $128 million in proceeds. The business combination transaction places values the combined company at $1.85 billion with $1.7 billion coming from Infinite Reality.
In July 2022, iR picked up esports and entertainment company ReKTGlobal, which was the company’s introduction into the competitive global esports arena. It welcomed ReKT-owned brands League of Legends LEC champions Team Rogue and Call of Duty League’s London Royal Ravens.
Infinite Reality provides tools for developers
In November, it released a new suite of digital technology products giving content creators access to plug-and-play virtual environments. These environments provide the back-end tools, analytics, content moderation and user management capabilities for brands to engage their audiences.
This came a month after the company inked a multi-year partnership with Warner Bros Discovery Sports. This offers audiences a way to engage their favourite athletes, retail outlets and brands. Additionally, the company brought the UCI Track Champions League to Web3 for the first time on December 2.
The merger is anticipated to add USD$128 million growth capital to Infinite Reality’s coffers. It will help the company deliver a product suite that maintains sovereign data ownership while boosting the value chain between audiences, creators and brands in virtual environments.
“We’re offering the next iteration of the internet with infinite potential for brands to connect with new audiences and deepen relationships with their committed fans by offering unique, engaging, and personalized social experiences, all while creating new opportunities for commercial monetization,”said John Acunt, Infinite Reality CEO.
The company intends to use the transaction proceeds to build out company infrastructure, as well as expand teams in Europe, Asia and the United States. It will also assist Infinite Reality’s products and services, focusing on sports and entertainment, music, broadcast and brands, and also to finance future acquisitions.
The companies expect the transaction’s closure by Q1, 2023.