NFT Investments PLC said it plans to buy Pluto Digital PLC, a crypto venture capital, and technology company, for £96mln in a reverse acquisition that would give it a listing on the Aquis Stock Exchange Growth Market in London. The company will acquire 100% of Pluto's issued capital by issuing 2.4 billion new ordinary shares in NFT at 4 pence per new share.
According to a statement, NFT Investments will halt trading on the AQSE Growth Market's Access section until the transaction is completed.
Jonathan Bixby, Executive Chairman of NFT Investments, said that the deal "will create a significant global metaverse company and advance NFT's investments in the non-fungible tokens sector as the Pluto Ventures division has invested heavily in NFTs and NFT gaming."
Pluto Digital has launched Pluto V, a venture capital firm that has made investments in various Web 3 initiatives and NFT assets during the previous year. It raised a $40 million fund in March 2021, with Argo Blockchain (LSE: ARB), a London-listed bitcoin miner, as its principal investor.
"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," Bixby added.