NFT Investments revealed it intends to acquire Pluto Digital PLC, a crypto technology and venture company.
The deal, which will be for a consideration of £96 million, is pending shareholder approval. Once completed, the acquisition will create a global metaverse company. It is also expected to advance NFT’s investments in the non-fungible tokens sector as the Pluto Ventures division has invested heavily in NFTs and NFT gaming.
Jonathan Bixby, Executive Chairman of NFT Investments, 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.
Terms of the acquisition
Upon finalizing the acquisition, NFT will gain 100% of the issued share capital of Pluto for 2.4 billion new ordinary shares in NFT, trading at 4p per a piece.
The acquisition is formed as a reverse takeover of NFT. If the Pluto shareholders vote in favour, they will hold 70.5% of the combined business entity.
Another condition of the deal is that three Pluto team members join the company as directors and Bixby will continue to serve as Executive Chairman.
NFT has a period of 90 days to complete due diligence on Pluto. NFT will loan Pluto £5 million on signing the letter of intent. The loan will be repayable within 30 days if Pluto terminates the deal. However, if NFT backs out, it will be repayable within 90 days.
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