Nazara Technologies Acquires Stakes in Bluetile Games and Bestplay Systems

Nazara Technologies Acquires Stakes in Bluetile Games and Bestplay Systems​

Nazara Technologies Limited announced on March 18, 2026, that its wholly-owned subsidiary, Nazara Technologies UK Limited (Nazara UK), has received in-principle approval to acquire stakes in Bluetile Games, S.L. (Bluetile) and Bestplay Systems, S.L. (Bestplay).

The acquisition includes 50.00049% of Bluetile’s share capital for a consideration of USD 88.4 million (INR ~809 crores), and 50.00033% of Bestplay’s share capital for a consideration of USD 11.9 million (INR ~109 crores). The Target Companies have demonstrated strong growth, with revenues growing from USD 50.1 million in calendar year 2023 to USD 153.6 million in calendar year 2025 on a combined basis.

Nazara UK will acquire majority control initially through governance and shareholder rights. Of the total cash consideration of USD 100.3 million (~INR 918 crores), USD 59.7 million (~INR 546 crores) is payable at first close, with the remaining USD 40.6 million (~INR 372 crores) payable within 6 months of first close.

The agreement includes options for Nazara UK to subsequently acquire the remaining ~50% stake in the Target Companies by 2028, at a valuation based on 6.6x trailing calendar year EBITDA.

Performance-linked earn-outs are also included, with a most probable total payout estimated at USD 98.2 million (INR ~898 crores), contingent on achievement of agreed revenue and EBITDA targets for calendar year 2027-2029 and payable between 2028 and 2030. A substantial portion of the contingent consideration is expected to be funded through the Target Companies' own operating cash flows and distributions, with up to 25% of each installment settleable in kind through the issuance of Nazara UK Shares, which will subsequently be swapped with the Company's equity.

Nazara Technologies Limited also approved the infusion of funds not exceeding USD 100.3 million (~INR 918 crores) into Nazara UK through the subscription of equity shares (up to USD 40.1 million, ~INR 367 crores) and a loan (up to USD 60.2 million, ~INR 551 crores).

Furthermore, the company intends to increase limits for providing loans, guarantees, or making investments in securities from INR 3500 crores to INR 5000 crores, subject to shareholder approval.

A conference call to discuss the acquisition will be held on March 19, 2026, at 12:00 Noon.

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