AQSE-listed NFT investments, an incubator specializing in the NFT market, has now acquired crypto VC and tech firm Pluto Digital Assets in a £96 million ($129 million) deal.
As per the announcement, the companies have entered a non-binding letter of intent, with NFT Investments issuing £96 million of shares to Pluto investors and offering a 70.5% stake in the new entity. A total of 2.4 billion new ordinary shares, priced at 4 pence each, will be issued as part of the deal.
“The acquisition, which is conditional on shareholder approval, will create a significant global metaverse company and advance NFT’s investments in the non-fungible tokens sector as the Pluto Ventures division has invested heavily in NFTs and NFT gaming,” NFT Investments said in a statement issued.
In addition, three executives from Pluto will join NFT Investments as directors and Jonathan Bixby will continue to serve as Executive Chairman. The company will also provide a £5 million loan to settle the strategic acquisition of several tech companies in the metaverse sector.
The latest acquisition marks NFT Investments’ largest one since it went public in April 2021. It has temporarily shut down trading on Aquis Stock Exchange Growth Market in order to close the acquisition.