Three Firms Direct Infinite Reality’s $1.85 Billion SPAC Merger

Fried Frank is advising Infinite Reality Inc., a metaverse experience development company, on its plan to go public through a merger with a Nasdaq-listed special purpose acquisition company.

Akerman is advising the SPAC, Newbury Street Acquisition Corp., on the proposed transaction, which values the combined company at around $1.85 billion and is expected to close in 2023’s first quarter. Bryan Cave is also advising Infinite, according to a statement.

The combined company, named Infinite Reality Inc., is expected to reap up to $128 million in proceeds upon completion of the proposed deal. Its shares are expected to be listed on the Nasdaq Stock Market.

Infinite Reality announced in October that it reached a multi-year partnership with Warner Bros. Discovery Sports to create immersive experiences that could make it possible for fans to interact with athletes, retail channels and brands.

In a preview earlier this month, the partnership brought the final rounds of the Dec. 2-3 UCI Track Champions League international cycling competition in London to the metaverse, the statement said.

When Infinite acquired New York-based esports and entertainment startup ReKTGlobal Inc. for a reported $470 million earlier this year, it said it planned to expand ReKTGlobal’s brands into the metaverse, including by creating esports stadiums and skyboxes.

Fried Frank said its deal team advising Infinite Reality is led by partner Warren de Wied and includes partners Joshua Wechsler, John Bibona, Jason Ertel, Michael Alter, and Amir Ghavi.