Infinite Reality Closes $350 Million Investment; Acquires Landvault in $450 Million Deal, Valuation Soars to $5.1 Billion [Yahoo! Finance]
NEWBURY STREET ACQ CORP (NBST)
Company Research
Source: Yahoo! Finance
BOSTON, July 09, 2024 (GLOBE NEWSWIRE) -- Newbury Street Acquisition Corporation (Nasdaq: NBST) (“Newbury” or “NBST”), announced today that Infinite Reality (“iR or the “Company”) , an innovation company powering the next generation of digital media and ecommerce through AI and immersive technologies, today announced a $350 million minority investment from a private multi-family office focused on global technology, media, and real estate, elevating the Company's valuation to $5.1 billion . This investment, entirely in equity and not debt, is new and separate from iR's goal to complete the previously announced SPAC transaction with Newbury Street Acquisition Corporation (Nasdaq: NBST) (“Newbury” or “NBST”). The $350 million will be deployed immediately to accelerate growth. Additionally, iR announced the $450 million acquisition of Landvault a tech company specializing in immersive technology and digital twins for Fortune 500 companies and government organizations. This all-stock tr
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