NFT Investments PLC said it plans to buy Pluto Digital PLC, a crypto technology and venture company, for £96mln to create a “significant global metaverse company”.
NFT Investments will suspend trading on the Access segment of the AQSE Growth Market until the acquisition completes, a statement said.
The acquisition, which is subject to 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.
“This is a transformational deal that will provide us with the scale to expand and diversify our investment portfolio in a rapidly growing sector and thereby create long term value for shareholders,” said Jonathan Bixby, executive chairman of NFT Investments.
NFT Investments will acquire 100% of the issued share capital of Pluto in the reverse takeover, which will result in Pluto shareholders holding 70.5% of the enlarged business on completion.
The acquisition is expected to be made by way of a scheme of arrangement by Pluto and will be conditional upon approval by shareholders of Pluto and the court.
The company said it will loan Pluto £5mln on signing a non-binding letter of intent, which will be used to complete the acquisition of several technology companies in the metaverse sector.