Nazara Tech To Acquire Additional 28.12% Stake In Nextwave For Rs 21.6 Cr
The company had previously acquired a majority stake in Nextwave in 2018 and further increased its stake by 71.88 per cent in May 2023
According to media reports, gaming and sports media firm Nazara Technologies announced on May 24 that it will acquire an additional 28.12 per cent stake in Nextwave for Rs 21.6 crore. Nextwave, the developer behind the popular mobile game World Cricket Championship, will sell the stake held by founder shareholders PR Jayashree, R Kalpana, and PR Rajendran.
Nazara Technologies had previously acquired a majority stake in Nextwave in 2018 and further increased its stake by 71.88 per cent in May 2023. With the completion of this latest transaction, Nazara is considering merging Nextwave or its intellectual property with the parent company.
Vikash Mittersain, Managing Director of Nazara Technologies, stated that the company is committed to increasing its investments and acquisitions to scale up revenue. Nazara has earmarked Rs 830 crore for mergers and acquisitions over the next 24 months, as per media reports.
