O’Melveny latest large law firm to steer metaverse-related deal

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Signage is seen outside of the law firm O’Melveny & Myers at their legal offices in Washington, D.C., U.S., May 10, 2021. REUTERS/Andrew Kelly

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  • The firm advised ReKTGlobal in its acquisition by metaverse company Infinite Reality
  • Other firms worked on Epic Games’ deal with Sony to lead its advance into the metaverse

(Reuters) – O’Melveny & Myers said Tuesday it’s guiding New York-based sports and entertainment company ReKTGlobal Inc in its $470 million acquisition by metaverse development company Infinite Reality LLC, as big firm client interest grows in virtual world environments.

ReKTGlobal, which focuses on global e-sports, aims to use Infinite Reality’s gaming, virtual and remote production and metaverse creation resources to grow, according to a Tuesday statement.

The term metaverse broadly refers to the idea of a shared virtual platform that users can access through different devices and where they can move through digital environments.

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The legal team at O’Melveny for ReKTGlobal was led by the co-chair of the firm’s sports industry group, Charles Baker, along with M&A and corporate transactions partner Noah Kornblith, according to the law firm.

Infinite Reality’s general counsel Eric Cohen led the transaction for the company, it said.

Large law firms also figured in North Carolina-based Epic Games Inc’s metaverse-driven fundraising deal unveiled Monday.

Epic said that it had raised $2 billion from Tokyo-based Sony Group Corp and Billon, Denmark-based Kirkbi investment company to advance an existing metaverse partnership deal with the Lego Group, which is owned by Kirkbi.

The partnership between Epic and the Lego Group aims to build a family-focused virtual space in the metaverse.

Cleary Gottlieb Steen & Hamilton said in a statement it represented Sony. Wilson Sonsini Goodrich & Rosati represented Epic, according to news reports.

A spokesperson for Kirkbi said a U.S.-based law firm represented the company in the deal, but declined to disclose the firm’s name.

At the top of this year, Microsoft Corp made a $69 billion bet on the metaverse when it acquired Activision Blizzard in the largest-ever transaction in the video-gaming sector.

Simpson Thacher & Bartlett was the lead advisor for Microsoft in the deal and Activision Blizzard was represented by Skadden, Arps, Slate, Meagher & Flom.

Read more:

Epic Games valued at about $32 bln in funding from Sony, Lego firm

Simpson Thacher, Skadden drafted for Microsoft’s $69 bln Activision buy

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Our Standards: The Thomson Reuters Trust Principles.

Chinekwu Osakwe covers legal industry news with a focus on midsize law firms. Reach her at Chinekwu.osakwe@thomsonreuters.com.

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