NFT Investments, an incubator that specialises in non-fungible tokens (NFTs) is set to purchase crypto technology and venture firm Pluto Digital for £96m.
According to NFT, the acquisition will create a ‘significant global metaverse company’ and advance NFT’s investments in the NFT sector due to Pluto Ventures having invested heavily in NFTs and NFT gaming.
NFT will loan Pluto £5m on the signing of the deal, with the proceeds to be used to complete the acquisition of a number of tech firms in the metaverse sector. The loan will accrue 10% interest and will be repayable on 30’ day’s notice if Pluto terminates the transaction and on 90 days’ if NFT terminates the deal.
Further details of the purchase will be provided in due course.
NFT executive chairman Jonathan Bixby said, “We are very excited about the prospects of Pluto and NFT merging to create a large global metaverse company. 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.”
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