Incubator specialising in the market for non-fungible tokens (NFTs), NFT Investments has announced it will acquire Pluto Digital Assets, a crypto venture capital, and technology company, for £96 million. The company will acquire 100% of the issued capital of Pluto through the issuing of 2.4 billion new ordinary shares in NFT at 4 pence per new share.
The acquisition, which is conditional on shareholder approval, is the company's largest acquisition since its IPO in April 2021. It will create a significant global metaverse company and advance NFT Investments’ presence in the NFT sector as Pluto Ventures has already invested heavily in NFTs and NFT gaming.
Headquartered in London, NFT Investments leadership team previously founded Argo Blockchain, a global crypto miner. It owns a 20% stake of NFT Studios, which in conjunction with high-flying Hollywood executive producer Niels Juul, is creating ‘A Wing and a Prayer’, the first-ever Hollywood feature film to be fully funded by NFTs.
Pluto invests in, incubates, and advises digital asset projects based on decentralised technologies (DeTech), decentralised finance (DeFi), and networks such as Ethereum and Polkadot.
Jonathan Bixby, Executive Chairman of NFT Investments, said: “Pluto and NFT merging to create a large global metaverse company 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.”
Going forward, NFT now has to complete due diligence on Pluto within a period of 90 days. NFT will also issue a loan of £5 million to Pluto upon the signing of the Letter of Intent. If Pluto terminates the deal, this loan will be repayable within 30 days, but if NFT backs out, it will be repayable by 90 days.