NFT Investments (AQSE: NFT) announced on Monday that it has entered into a non-binding agreement to acquire Pluto Digital, a cryptocurrency technology and venture company, for £96 million.

The prospect of the acquisition came as the management of the two companies are optimistic that the  merger  will create a ‘significant global metaverse company’. The investment of Pluto Venture division in non-fungible tokens (NFTs) and NFT gaming will also help create advanced investments in the hyped NFT industry.

“We are very excited about the prospects of Pluto and NFT merging to create a large global metaverse company,” said Jonathan Bixby, the Executive Chairman of NFT Investments.

“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.”

Conditions of the Deal

Under the proposed agreement, NFT will acquire 100 percent of the issued share capital of Pluto in exchange for 2.4 billion new ordinary shares in NFT, which are trading at 4 pence apiece.

The  acquisition  is structured as a reverse takeover of NFT and is currently pending shareholders’ approval. If approved, Pluto shareholders will hold 70.5 percent of the combined business entity.

The conditions of the deal further mandate three Pluto team members to join the board members of the entity, while Bixby will continue to serve as the Executive Chairman.

NFT now have to complete due diligence on Pluto within a period of 90 days. Furthermore, NFT will 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 in 90 days.

NFT Investments (AQSE: NFT) announced on Monday that it has entered into a non-binding agreement to acquire Pluto Digital, a cryptocurrency technology and venture company, for £96 million.

The prospect of the acquisition came as the management of the two companies are optimistic that the  merger  will create a ‘significant global metaverse company’. The investment of Pluto Venture division in non-fungible tokens (NFTs) and NFT gaming will also help create advanced investments in the hyped NFT industry.

“We are very excited about the prospects of Pluto and NFT merging to create a large global metaverse company,” said Jonathan Bixby, the Executive Chairman of NFT Investments.

“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.”

Conditions of the Deal

Under the proposed agreement, NFT will acquire 100 percent of the issued share capital of Pluto in exchange for 2.4 billion new ordinary shares in NFT, which are trading at 4 pence apiece.

The  acquisition  is structured as a reverse takeover of NFT and is currently pending shareholders’ approval. If approved, Pluto shareholders will hold 70.5 percent of the combined business entity.

The conditions of the deal further mandate three Pluto team members to join the board members of the entity, while Bixby will continue to serve as the Executive Chairman.

NFT now have to complete due diligence on Pluto within a period of 90 days. Furthermore, NFT will 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 in 90 days.