Nazara Technologies Limited has informed the Exchange regarding Outcome of Board Meeting held on March 18, 2026.
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Nazara Technologies' board approved acquiring majority stakes (~50%) in two Barcelona-based mobile gaming companies — Bluetile Games and Bestplay Systems — through its wholly-owned UK subsidiary (Nazara UK). The total cash consideration is USD 100.3 million (~INR 918 crores), with USD 59.7M payable at first close and the balance within 6 months. An additional USD 98.2 million (~INR 898 crores) in performance-linked earn-outs is payable between 2028 and 2030, contingent on CY27–29 revenue and EBITDA targets. Put and call options give Nazara the right to buy the remaining ~50% by 2028 at 6.6x trailing EBITDA, potentially leading to 100% ownership. The targets' combined revenue grew sharply from USD 50.1M (CY23) to USD 153.6M (CY25), with Bluetile alone having 375M downloads and 22M monthly active users. Nazara will fund the deal by infusing USD 100.3M into Nazara UK (USD 40.1M as equity, USD 60.2M as unsecured loan) and is seeking shareholder approval to raise its Section 186 investment limit from INR 3,500 cr to INR 5,000 cr.
This is a sizeable acquisition that significantly expands Nazara's global gaming portfolio and adds an AI-driven casual mobile games platform, which could boost long-term growth. The performance-linked earn-out structure and use of the target's own cash flows reduce execution risk, though the total potential outlay (up to ~INR 1,800 cr including earn-outs) and possible share-swap dilution (up to 25% of contingent payouts) may concern some investors. An EGM will be called for shareholder approval of the higher investment limit.