Investment company Sure Ventures PLC announced on Wednesday that Infinite Reality, a firm specializing in immersive virtual experiences, has agreed to purchase its subsidiary’s portfolio firm Landvault for $450 million (£350.6 million).
Landvault, known for its immersive technology, is a portfolio business of the Sure Valley Ventures Fund, which Sure Ventures PLC partly owns. Immersive virtual experiences leverage technology such as virtual reality to create a perception of being physically present in a nonphysical world.
Sure Ventures stated that the payment for Landvault would be in the form of new shares in Infinite Reality (iR), with potential proceeds of approximately $8.3 million, contingent on the value of iR’s stock.
Infinite Reality, which is planning to go public in the U.S., said that its global structure facilitates more capital market initiatives in regions like Europe and the Middle East.
Shares in Sure Ventures PLC, listed on the London Stock Exchange, were trading at 100 pence at lunchtime on Wednesday, a 38% increase from Tuesday’s close of 72.50 pence.
