M&A

M&A

Nazara to acquire bankrupt Smaaash Entertainment

Inc42  

Online gaming major Nazara has received the letter of intent (LoI) to acquire insolvency-ridden, Mumbai-based sports entertainment startup Smaaash Entertainment . Nazara’s board has approved availing a bank guarantee of INR 20 crore to acquire the sports entertainment company.Smaaash, specialising in sports simulation and gamification technologies, was admitted to insolvency proceedings in May 2022 following a default of INR 292.4 crore to Edelweiss Asset Reconstruction Co. The company operates 30 centres across India, offering attractions like twilight bowling, motor racing, and go-karting.The insolvency process began with claims worth INR 426.26 crore admitted from creditors including Edelweiss ARC, Mabella Investment Advisors, SIDBI, and Yes Bank. Nazara Technologies had submitted its resolution plan by March 9, 2024, as part of the bidding process.