Indian gaming firm Nazara Technologies Ltd will acquire Spain-based Bluetile Games S.L. and BestPlay Systems for a total consideration of around $340 million, including the performance-based payouts.
The company will initially buy a 50% controlling stake in the Barcelona-based gaming companies for $100.3 million, the company said in a regulatory filing on Wednesday. The acquisition will be done through Nazara's UK subsidiary.
The transaction establishes a framework for full ownership, wherein Nazara holds a call option and the selling shareholders retain a put option on the remaining 50% stake. These options are exercisable by 2028.
The valuation for the remaining equity will be calculated at a multiple of 6.6 times the trailing calendar year's earnings before interest, taxes, depreciation, and amortization (Ebitda) of the sellers.
"We anticipate this remaining 50% to cost around $130-140 million," the company's chief executive Nitish Mittersain told Mint.
The first tranche of 50% stake is payable in cash. Most of this amount will come from Nazara's reserves, Mittersain said.
"We are sitting on around $100 million cash right now, most of which will be meaningfully used up for acquiring the first 50% in Bluetile and BestPlay," he explained. "We are a cash-generating company, so this shouldn't be a problem."
A large part of the latter half is expected to be funded through Bluetile and BestPlay’s operating cash flows and distributions, with 25% of each instalment payable in listed equity at Nazara’s discretion.
The agreement also outlines performance-linked earn-out payments. The most probable payout for these earn-outs is estimated at $98.2 million, the company said.
These distributions are contingent upon the acquired entities achieving specified revenue and Ebitda targets during the calendar years 2027 through 2029. The contingent payments are scheduled to be distributed annually from 2028 to 2030.
Nazara expects to pay these performance payments from Bluetile and BestPlay's cash flows, Mittersain said.
Sister concerns
Mittersain said the team at the two sister concerns have "embedded AI at the core of its operations—not just as a tool, but as a competitive advantage across development, marketing and live operations".
Bluetile focuses on casual, social puzzle and word games. Its titles have 375 million downloads and 22 million monthly active users across 17 live games like Yatzy, Domino Legends, Mahjong Voyage and Spade Stars.
BestPlay, its in-house rewarded engagement platform, contributes an additional 2.2 million monthly active users.
For the 2025 calendar, Bluetile and BestPlay on a combined basis reported revenue of $153.6 million (around ₹1,405 crore) and an Ebitda of $27.7 million (around ₹254 crore).
The company expects to take control of the first 50% stake within two months, with a top line contribution starting to reflect by the first quarter of fiscal 2027.
"We expect our Ebitda margin to grow to 18-20% by the time the entire acquisition is completed by 2028," Mittersain told Mint. For the nine months ended December 2025, the company's Ebitda came to around 12.22% of its revenue.
Nazara's key businesses include Curve Games, Kiddopia, Animal Jam, Fusebox Games, World Cricket Championship and Sportskeeda. It has a presence in India, North America, and other global markets.
While the Bluetile and BestPlay deal is Nazara's biggest acquisition till date, the company actively engages in a plug-and-play model to integrate gaming studios and products into its platform.
It has completed a total of 17 acquisitions across six countries till date, according to data intelligence firm Tracxn.
In 2025, Nazara acquired UK-based PC and console games publisher Curve Games for $28.9 million. In the same year, the company wrote down its 47.7% stake worth ₹832 crore in PokerBaazi's parent firm due to the real-money gaming ban.
While being a cash-generating business, the company might look to raise equity or debt capital at the right time for further acquisitions, Mittersain told Mint.
