M&A

M&A

Gaming co Nazara to up stake in Next Wave Multimedia to 71.88%

MoneyControl  

Publicly listed, Mumbai-based gaming and sports media firm Nazara Technologies will increase its majority ownership in Chennai-based mobile gaming subsidiary Nextwave Multimedia from 52.38 % to 71.88%, as the firm looks to scale up its freemium gaming business. Nazara is buying a 19.5% stake from Nextwave Multimedia's founding shareholders PR Rajendran, PR Jayashree and R Kalpana for INR 15 crore. The firm has an option to acquire the remaining stake held by Nextwave's founding shareholders within a period of 15 months. Nextwave Multimedia focuses on developing casual and multiplayer mobile games. Nazara acquired a majority stake in Nextwave Multimedia in 2018.

From the Venture Intelligence M&A Deals Database: In Jan 2018, Nazara Technologies had acquired a 51% stake in Next Wave Multimedia for INR 30 Cr or USD 4.7 M.