Nazara Technologies announced the acquisition of a 50% controlling stake in social gaming firms Bluetile Games S.L. and BestPlay Systems S.L. for USD 100.3 million (~INR 918 crores). The deal positions Nazara at the forefront of AI-driven gaming, integrating Bluetile’s content with BestPlay’s rewarded engagement platform. The combined entities reported significant FY25 performance, with revenue of USD 153.6 million.
Strategic Acquisition in Gaming Sector
Nazara Technologies Limited today confirmed that its subsidiary, Nazara Technologies UK Limited, has entered into definitive agreements to acquire a 50% controlling equity stake in two key entities: Bluetile Games S.L. and BestPlay Systems S.L. The total consideration for this initial stake stands at USD 100.3 million (approximately INR 918 crores). This move is aimed at solidifying Nazara’s position in AI-driven gaming by creating an integrated content, engagement, and distribution platform.
Financial Performance of Acquired Entities
For the twelve months ending December 2025 (CY25), Bluetile and BestPlay reported combined financial highlights, demonstrating robust growth:
- Revenue: USD 153.6 million (INR ~1,405 crores).
- EBITDA: USD 27.7 million (INR ~254 crores).
Bluetile, which operates popular casual and social mobile games like Yatzy and Mahjong Voyage, has achieved 375 million downloads and 22 million monthly active users (MAUs) across 17 live games. BestPlay contributes an additional 2.2 million MAUs via its in-house rewarded engagement platform.
Transaction Structure and Future Options
The deal structure is designed to align consideration with future performance, de-risking the acquisition for Nazara. Key components include:
- Initial Stake: 50% controlling equity stake acquired upfront.
- Future Option: Nazara holds a call option, and the sellers hold a corresponding put option, to transact the remaining ~50% stake by 2028, based on a 6.6x trailing calendar year EBITDA valuation.
- Earn-outs: Performance-linked earn-outs, with a most probable payout estimated at USD 98.2 million (INR ~898 crores), contingent on CY2027–2029 targets. These payments are due annually from 2028 to 2030.
The structure allows up to 25% of each installment to be paid, at Nazara’s discretion, in listed equity.
Management Commentary
Nitish Mittersain, CEO of Nazara Technologies, emphasized the strategic value, stating the acquisition brings proven strengths in game development, engagement, and distribution, adding meaningful synergies to the global platform. He noted the team’s embedding of AI at the core of its operations as a competitive advantage.
Raymond Stauffer, General Manager of Bluetile Games, expressed enthusiasm, highlighting that Nazara provides the global scale, capital, and strategic expertise necessary to accelerate growth worldwide.
Strategic Significance
This partnership establishes a scalable platform for AI-enabled game development, distribution, and publishing across Nazara’s portfolio. The combination of Bluetile’s AI-driven capabilities with BestPlay’s distribution ecosystem is expected to accelerate the creation, optimisation, and global scaling of next-generation casual and social gaming titles.
Note: The FX rate used for INR conversions in this release is 91.5 INR to 1 USD.
Source: BSE
