Infinite Reality, a global provider of virtual, AI-powered immersive experiences, announced it signed a definitive agreement to acquire the Drone Racing League for $250 million. The acquisition bolsters iR’s capabilities and IP, and boosts its valuation to $3.5 billion, the company said.
Infinite Reality has a merger agreement with Newbury Street Acquisition. That deal was announced in December 2022. The transaction at that time was expected to provide up to $128 million growth capital to Infinite Reality. That amount assumed no redemptions. There is a minimum cash condition of $50 million to close.
Newbury raised $120 million in an April 2021 IPO. About about 47% of the SPAC’s shares were redeemed in connection with an extension vote last year.
DRL marks iR’s latest acquisition as the company expands its portfolio, which includes spatial web design company Ethereal Engine, fully integrated entertainment production company, iR Studios, eSports franchises Team Rogue (League of Legends) and London Royal Ravens (Call of Duty), as well as digital media, content and creator services. Read more.
