Sure Ventures PLC on Wednesday said that Infinite Reality Ltd has agreed to buy Landvault Ltd for $450 million in an all-share transaction.
Sure Ventures is a venture capital fund, which backs early-stage artificial intelligence, augmented and virtual reality, and internet of things companies. Shares in the firm jumped 43% to 103.90 pence each in London on Wednesday morning.
Landvault is a portfolio of Sure Valley Ventures Fund, which holds a 7% shareholding in the company, while Sure Ventures owns just under 26% of Sure Valley Ventures.
According to the terms of the acquisition, the purchase consideration for Landvault would be comprised of new shares in Infinite Reality. It is also expected that this company will be seeking a listing on Nasdaq in the third quarter of this year, via a combination with its partner, Newbury Street Acquisition Corp.
The disposal has the potential to generate proceeds for Sure Ventures of around USD 8.3 million, it explained.
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