VR leisure group Immotion is eyeing a brand new acquisition after finishing a $25m deal to promote one in all its divisions.

The Greater Manchester-headquartered firm has disposed of its location-based leisure enterprise (LBE) to LBE BidCo Inc for $25.2m. The deal was first announced last month.

The division consists of Immotion Studios, Immotion VR and C.2K Entertainment.

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The group, which is ready to alter its identify following the deal to Let’s Explore Group plc, can be within the early levels of “exploring an acquisition opportunity”.

It stated: “It is likely that any acquisitions would be undertaken in whole or in large part using share consideration with the cash retained by the company being deployed to grow the acquired businesses, should an acquisition be consummated.”

Immotion Group at present has offers with the likes of The 02, Blackpool Tower and the proprietor of Alton Towers.

A press release launched final month stated: “Whilst the board believes that appreciable progress alternatives can be found to the LBE enterprise, it’s of the view that on account of the present and persevering with challenges offered by the macroeconomic atmosphere, not least the cost-of-living disaster and inflationary pressures within the US and UK, the buying and selling atmosphere might turn into far more difficult.

“In addition, to speed up progress of the LBE enterprise additional capital could also be required.

“The board is uncertain that debt finance may very well be secured on acceptable phrases and it’s unwilling to hunt to boost additional fairness capital on the firm’s present valuation.

“Accordingly, and in order to minimise risk for shareholders and provide a significant liquidity event in highly uncertain markets, the board has decided to pursue the proposed transaction.”

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