Nazara Technologies Limited, a leading gaming and sports media platform, has announced the acquisition of an additional 10.26% equity stake in its subsidiary, Absolute Sports Private Limited. This acquisition involves the purchase of 21,830 equity shares from the founding shareholders, Mr. Porush Jain and Mr. Srinivas Cuddapah.
Key Details:
- Acquisition Details: Nazara Technologies now holds an 81.94% equity stake in Absolute Sports on a fully diluted basis.
- Transaction Value: The acquisition is part of a larger deal valued at ₹145.47 crores, with ₹72.73 crores paid in cash for this tranche. The remaining amount will be settled as outlined in the Share Purchase Agreements (SPAs).
- Timeline: This transaction marks the first tranche of the acquisition under the agreements dated September 18, 2024.
- Future Updates: Nazara Technologies has stated that updates on the second tranche will be provided in due course.
Absolute Sports, known for its innovative contributions to sports media, continues to remain a key subsidiary of Nazara Technologies. The move reinforces Nazara’s commitment to strengthening its presence in the sports content ecosystem.
This acquisition underlines Nazara’s strategy to consolidate its position in the fast-evolving gaming and sports media landscape.
TOPICS:
Nazara Technologies