Nazara to Acquire Controlling Stake in Social Gaming Platform Bluetile and BestPlay for USD 100.3 Million

Nazara to Acquire Controlling Stake in Social Gaming Platform Bluetile and BestPlay for USD 100.3 Million​

Positions Nazara at the forefront of AI-driven gaming through an integrated content, engagement and distribution platform

Mumbai, India – March 18, 2026 – Nazara Technologies Limited (BSE: 543280 | NSE: NAZARA) announced that its wholly owned subsidiary, Nazara Technologies UK Limited ('Nazara UK'), has signed definitive agreements to acquire a 50% controlling stake in Bluetile Games S.L. (formerly known as Playvalve S.L.) and BestPlay Systems S.L. for a consideration of USD 100.3 million (INR ~918 crores).

Business Overview

Bluetile operates a portfolio of globally popular casual, social mobile games including Yatzy, Domino Legends, Mahjong Voyage and Spade Stars. The platform boasts nearly 375 million downloads and 22 million monthly active users across 17 live games.

BestPlay, its in-house rewarded engagement platform, contributes an additional 2.2 million monthly active users and acts as a player acquisition, retention and cross-promotion engine. The combination of content and distribution, supported by continuous optimization and live operations, enables Bluetile to operate a scalable gaming platform across global markets.

The platform has embedded artificial intelligence across its operating stack, spanning game development, data infrastructure, marketing and live operations, enabling Bluetile to significantly compress development cycles.

Financial Highlights

For the twelve months ended December 2025 ('CY25'), Bluetile and Best Play on a combined basis reported revenue of USD 153.6 million (INR ~1,405 crores) and EBITDA of USD 27.7 million (INR ~254 crores).

Transaction Structure

Nazara UK will initially acquire a 50% controlling equity stake in both Bluetile and BestPlay. Nazara also holds a call option, and the Sellers a corresponding put option, to acquire or sell the remaining ~50% stake by 2028 at a valuation based on 6.6x trailing calendar year EBITDA.

In addition, the transaction includes performance-linked earn-outs with a most probable payout estimated at USD 98.2 million (INR ~898 crores), contingent on achievement of agreed revenue and EBITDA targets for CY2027-2029 and payable annually from 2028 to 2030. A substantial portion of the future contingent consideration is expected to be funded through Bluetile and BestPlay’s operating cash flows and distributions, with up to 25% of each instalment payable, at Nazara’s discretion, in listed equity.

Management Commentary

Nitish Mittersain, CEO, Nazara Technologies, stated that the acquisition brings proven strengths across game development, player engagement and distribution, adding synergies to Nazara's global gaming platform.

Raymond Stauffer, General Manager, Bluetile Games, said joining Nazara is a natural next step for Bluetile.

Strategic Significance

The acquisition establishes a scalable platform for AI-enabled game development, distribution and publishing across Nazara's global gaming portfolio. By combining Bluetile’s AI-driven development and live-operations capabilities with BestPlay’s rewarded engagement and distribution platform, alongside Nazara’s global publishing, IP and distribution ecosystem, the partnership is expected to accelerate the creation, optimisation and global scaling of next-generation casual and social gaming titles.

About Nazara Technologies:

Nazara Technologies is India’s only publicly listed gaming company. Its businesses include Curve Games, Kiddopia, Animal Jam, Fusebox Games, World Cricket Championship and Sportskeeda, along with offline gaming businesses such as Funky Monkeys and Smaaash Entertainment. Nazara also operates Datawrkz, a digital ad tech business.

Nazara was advised by Jerome Merchant & Partners and Pérez-Llorca (Legal), Taxedge (Tax), and KPMG (Financial Due Diligence). Aream & Co. acted as the financial advisor and Uria Menendez acted as the legal counsel for Bluetile.

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