Nazara Technologies Acquires 50% Stake in Bluetile and BestPlay for $100M

Nazara Technologies Limited has announced that its wholly owned subsidiary, Nazara Technologies UK Limited, has signed definitive agreements to acquire a 50% controlling stake in Bluetile Games S.L. and BestPlay Systems S.L.. The acquisition is valued at USD 100.3 million (INR ~918 crores). This strategic move positions Nazara within the AI-driven gaming sector, leveraging Bluetile’s integrated content, engagement, and distribution platform.

The financial terms of the acquisition include a consideration of USD 100.3 million. Additionally, the transaction structure provides Nazara with a call option and the sellers with a put option to acquire or sell the remaining 50% stake by 2028. The valuation for this option is based on 6.6 times the trailing calendar year EBITDA. The agreement also includes performance-linked earn-outs, with a potential payout estimated at USD 98.2 million (INR ~898 crores), contingent on achieving agreed revenue and EBITDA targets for the years 2027 to 2029. These payouts are scheduled annually from 2028 to 2030.

Bluetile operates a diversified portfolio of casual, social mobile games, including titles such as Yatzy, Domino Legends, Mahjong Voyage, and Spade Stars. The platform has achieved global scale with 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. This platform acts as a player acquisition, retention, and cross-promotion engine across its game portfolio. Bluetile’s platform integrates artificial intelligence across its operations, including game development, data infrastructure, marketing, and live operations.

For the twelve months ending December 2025, Bluetile and BestPlay reported combined revenue of USD 153.6 million (INR ~1,405 crores) and EBITDA of USD 27.7 million (INR ~254 crores). The business has shown growth over the past three years, expanding its game portfolio and executing across global markets. The acquisition structure aligns consideration with future performance while de-risking the acquisition for Nazara. 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 installment payable, at Nazara’s discretion, in listed equity.

The acquisition agreement was signed on March 18, 2026. Nazara was advised by Jerome Merchant & Partners and Pérez-Llorca on legal matters, Taxedge on tax matters, and KPMG on financial due diligence. Aream & Co. acted as the financial advisor, and Uria Menendez served as the legal counsel for Bluetile.

Nazara Technologies is India’s only publicly listed gaming company. It operates key businesses such as Curve Games, Kiddopia, Animal Jam, Fusebox Games, World Cricket Championship, and Sportskeeda. Nazara also manages offline gaming businesses like Funky Monkeys and Smaaash Entertainment. The company is building a global gaming platform with strong IP, publishing, and operating capabilities, with a presence in India, North America, and other global markets.