Nazara Technologies has received approval to make strategic investment by way of secondary acquisition of 6500 Equity Shares of Rs 100 each representing 19.50% of the equity share capital of Next Wave Multimedia (Nextwave), a Subsidiary of the Company, from its existing promoter founder shareholders at a consideration amounting to Rs 15 crore.
The Company also has entered into a Share Purchase agreement on May 09, 2023 with the Founding Shareholders and Nextwave for the purpose of said acquisition and to record the terms and conditions and other matters in connection therewith. Further, the Company also reserves an option to acquire the balance equity shares held by the founding shareholders of Nextwave as part of subsequent closing within a period of 15 months from the Initial Closing date of the Share Purchase Agreement. The proposed acquisition is subject to fulfillment of applicable conditions precedent, if any.
Nextwave is a Chennai based mobile gaming company predominately focusing on developing quality casual & multi-player mobile games in sports genre with over 100 million downloads across mobile platforms in the last 7 years. Nextwave owns the IP of the most popular mobile cricket game in India World Cricket Championship (WCC).
The said acquisition shall help the Company in strengthening its portfolio of offerings in the virtual interactive sports genre in India and other emerging markets. Further, the said acquisition is also in line with the growth objective of the Company and with a view to consolidate its shareholding in Nextwave.
Nazara Technologies is one of the leading mobile games company and it is engaged in acquisition of, value addition and distribution, of mobile games across emerging markets such as India, Middle East, Africa, South East Asia and Latin America.
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