NFT Investments, a London-based incubator specialising in the market for non-fungible tokens has entered into a non-binding letter of intent for the acquisition of Pluto Digital PLC for £96 million ($127,5m).
The company will acquire 100% of the issued capital of Pluto through the issuing of 2.4 billion new ordinary shares in NFT Investments at four pence per new share.
The acquisition will, the company said, create a significant global metaverse company and advance it in the non-fungible tokens sector, as the Pluto Ventures division has invested heavily in NFTs and NFT gaming.
“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,” he said.
NFT Investments 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.
The acquisition of Pluto is NFT Investments’ largest acquisition since its IPO in April 2021.
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