Weekly News Digest #32
# of announced deals
16
announced deals’ size
$1.7B
# of closed deals
16
InvestGame tracked 16 deals worth $1.7B this week. Two of the week’s largest deals sit outside that announced-value figure because both were agreed earlier and completed inside the window: the $55B take-private of Electronic Arts and Nazara’s $303m purchase of Bluetile Games and BestPlay Systems. Below are the top 14, plus the week’s earnings reports.
Nazara has acquired Bluetile Games and BestPlay Systems for $303m
India-based gaming holding Nazara Technologies (NSE: NAZARA) has closed the acquisition of 100% of Spain-based mobile games developer Bluetile Games and its affiliated player-engagement platform BestPlay Systems for a fixed all-cash consideration of $303.0m. The two businesses became step-down subsidiaries with effect from Aug 3, 2026, and will consolidate from Q2’FY27. The consideration splits $223m for Bluetile and $80m for BestPlay. A first tranche of $89.5m has been paid in cash, with the balance of $214m due in three installments to be paid before April 2027.
The terms have been amended since the initial announcement in Mar’26. The new agreement replaces the old one outright. Nazara now buys both companies in full on day one, at a single fixed price, in cash.
Managing Director and Chief Executive Officer Nitish Mittersain gave the following reasons for changes in deal structure during the Q1’FY27 earnings call:
- the targets’ trajectory made the investment committee expect earn-out payouts that “could go up to 180% of the committed payouts”;
- holding business-specific performance targets over an executive about to run the whole group “would cause some level of conflict and misalignment”;
- under the old structure “there would still be 50% leakage of the cash generated by Bluetile and BestPlay back to the founders, which in this case will now completely accrue to the group”.
Bluetile, founded in Barcelona in 2019, runs 17 live casual and social titles, including Yatzy, Mahjong Voyage, Domino Legends and Spade Stars with 375 million lifetime downloads and 22 million monthly active users. BestPlay, founded in 2023, operates a discovery and cross-promotion platform with 2.2 million monthly active users. Combined CY25 turnover was $153.6m on $27.7m EBITDA, an 18% margin, putting the $303.0m consideration at 2.0x revenue and 10.9x EBITDA.
A large slice of that cash is reinvested straight back into the company. On Aug 6, 2026, Nazara’s board approved a preferential issue of up to 23,970,676 shares at $3.2 (INR 306) each, raising up to $77m (INR 733.5 crore), to be subscribed entirely by the founders and senior leadership of Bluetile and BestPlay. The six named allottees would take 5.87% of the enlarged capital, and none of them holds any Nazara stock today. It needs shareholder approval at an extraordinary general meeting on Aug 30, 2026. If it passes, roughly a quarter of the purchase price comes back to Nazara as equity.
The largest allottee is Bluetile founder Raymond Albaladejo Stauffer, who takes $61m of the issue for 4.67% and becomes Nazara’s Chief Executive Officer on Sep 1, 2026. Nazara states the position plainly: “Rather than receiving additional stock-based incentives in connection with his appointment as CEO, Raymond is backing his conviction in Nazara’s future with a substantial personal investment.” Nitish Mittersain would resign as CEO with effect from the same date and continue as Managing Director with responsibility for long-term strategy, portfolio direction and partnerships.
Nazara reported financial results for Q1’FY27 on Aug 3. Quarterly Revenue was $45.3m (INR 429 crore), down 14% YoY on the deconsolidation of India-based esports firm NODWIN Gaming from Aug’25 and up roughly 9% excluding it, with EBITDA of $4.9m (INR 46 crore) at a 10.8% margin against 9.5% a year earlier. The group swung to a net loss of $8.7m (INR 82.5 crore), mostly driven by associate losses and impairment charges related to its remaining real-money gaming exposure in India. The gaming segment grew 14% YoY to $29.1m (INR 275 crore) on EBITDA of $5.7m (INR 54 crore), a 19.5% margin, with every gaming business EBITDA-positive.
The scale of what has been bought is clearer against this backdrop: Bluetile and BestPlay turned over $54.8m (INR 518 crore) in Q1’FY27, more than the whole group’s $45.3m – and produced more EBITDA than the entire group did.
The company set out the funding for the remaining $214m: roughly $20m of cash already on Bluetile’s balance sheet, operating cash flow from both groups, a component of debt, and potentially equity or stake sales.
This is the largest acquisition in Nazara’s history, and it reshapes the group. A mid-cap Indian gaming holding has bought a business that out-earns the rest of the company, and hired its founder to run everything from Sep 1. Shareholders vote on the funding leg on Aug 30, 2026, and we will be watching closely how the two halves come together from Q2’FY27. Nazara shares closed at INR 352.85 on Aug 6, 2026, up 3.9% from the INR 339.55 close that preceded the announcements.
Electronic Arts has closed its $55B take-private, the largest all-cash sponsor buyout on record
US-based games publisher Electronic Arts (NASDAQ: EA) has closed its acquisition by a consortium of Saudi Arabia’s Public Investment Fund, Silver Lake and Affinity Partners, 309 days after the transaction was announced on Sep 29, 2025. Shareholders receive $210.00 per share in cash with total consideration of ~$55B. Trading was halted after the Aug 4, 2026 close, and Nasdaq filed the delisting notice the same day.
Shareholders approved the merger on Dec 22, 2025, the European Commission cleared it on Jul 22, 2026, and EA confirmed on Jul 30, 2026 that every remaining approval was in hand. Andrew Wilson continues as Chairman and Chief Executive Officer; EA remains headquartered in Redwood City. Wilson also named Cam Weber President and Chief Studios Officer and David Tinson President and Chief Operating Officer.
InvestGame covered the announcement in Sep’25 with no changes in the transaction multiples set then.
Tripledot has acquired Supersonic from Unity for $40m
UK-based mobile games developer and publisher Tripledot Studios has acquired Israel-based hybrid-casual mobile publishing label Supersonic from Unity Software (NYSE: U) for $40m in cash, subject to post-closing adjustments. Unity’s Q2’26 Form 10-Q records the sale as completed on Aug 4, 2026. Supersonic continues as a standalone business under its own brand and management in Tel Aviv, with Unity providing roughly three months of transition support.
Unity disclosed Supersonic’s standalone revenue in a Mar’26 investor update, which is what makes a real multiple possible on a business neither side had ever reported separately.
Unity has now also sunset the ironSource Ads Network, effective Apr 30, 2026, and the two decisions together drove $279m of impairment charges in H1’26.
Chief Executive Officer Lior Shiff said the constraint on a small studio “is no longer building a game, but bringing it to market and scaling it to millions of players”. Unity CEO Matt Bromberg said Tripledot “is the right home for the team and the business”. Tripledot reports ~$2B of annual gross revenue across 12 studios and more than 2,500 staff, having bought AppLovin’s mobile games portfolio for $400.0m in cash plus roughly 20% of its own fully diluted equity in Jun’25.
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| NOTABLE TRANSACTIONS |
MERGERS & ACQUISITIONS
Japan-based games QA company Digital Hearts Holdings (TSE: 3676) is being taken private by Sandbox Co., a vehicle wholly owned by representative chairman Eiichi Miyazawa, which has launched a tender offer at JPY 1,060 per share for all publicly held stock. The price values the equity at $149m (JPY 23.6B) and represents a 41% premium to the JPY 752 close on Aug 5, 2026. The offer runs from Aug 7, 2026 to Sep 24, 2026, with settlement from Sep 30, 2026 and a minimum acceptance of 5,922,743 shares, the level needed for the two-thirds special resolution behind the follow-on squeeze-out. Miyazawa already holds 42.27% and will tender only 500,000 of his shares.
In parallel, Digital Hearts Holdings has agreed to acquire the game-debugging business of Japan-based development outsourcing company IMAGICA GEEQ for an undisclosed sum, in a business transfer signed Aug 6, 2026 and completing Nov 1, 2026. Approximately 500 staff transfer along with test studios in Osaka, Tokyo, and Niigata. IMAGICA GEEQ’s game-debugging business launched in Osaka in 2011, serving console titles. Digital Hearts is adding order capacity ahead of overseas expansion, citing rising title complexity and more projects in development following the Nintendo Switch 2 launch. IMAGICA GEEQ will redirect resources to contract game development.
US-based gaming hardware company Corsair Gaming (NASDAQ: CRSR), owner of the Fanatec sim-racing brand, has acquired all the assets of Australia-based racing and flight-simulation cockpit manufacturer Trak Racer for an undisclosed sum. Founded in 2008 in Melbourne, Trak Racer builds cockpits, frames, seats, monitor stands and motion systems, selling mostly direct to consumer. Founder Matt Sten joins Corsair as CTO for its simulation hardware business, which covers sim racing and flight simulation. The assets carry a licensing relationship with Mattel for co-branded Hot Wheels and Matchbox products planned from 2027, an expanded Porsche license, and partnerships with the BWT Alpine and Aston Martin Aramco Formula One teams. Chief Executive Officer Thi La said the purchase “meaningfully expands Fanatec’s sim racing ecosystem”.
VENTURE FINANCING
Japan-based short-drama platform FLASH has raised a Seed extension from Sony Innovation Fund, Global Brain, NANKAI NEXT Ventures, Sideways and angel investor Nobuhiro Ariyasu, taking cumulative Seed funding to ~$8.2m (JPY 1.3B). Founded in 2024 and based in Tokyo’s Meguro ward, FLASH develops and operates a vertical short-drama app.
Saudi Arabia-based indie games developer Majestic Mind Games has raised $1.45m in a round co-led by Merak Capital and Impact46. Based in Jeddah and co-founded by Majed Anbar and Lujain Albukhari, the studio develops PC-first titles with select console and mobile releases, and launched action-roguelite Tri Survive on Steam in Sep 2025.
Poland-based mobile and PC games developer FunVenture has raised $1.0m in a Seed round from Acquinox Capital, ART-Tech Fund and a group of angel investors including Mariusz Gasiewski and Janusz Moneta. Founded in 2018 near Krakow, the studio builds F2P pixel-art idle RPGs on mobile and Steam, led by Miners Settlement: Idle RPG, which has grossed ~$4.2m across 4.2 million downloads, per AppMagic estimates.
South Korea-based mobile and PC games developer and publisher Sandyfloor has raised an undisclosed sum in a follow-on round from existing investor Kona Venture Partners and new investor Laguna Investment. Founded in 2023 and based in Pangyo, the studio released eight-player team battle royale Great Toy Showdown on Steam in Nov 2024, which won Best Multiplayer Game at the G-STAR Indie Awards 2023, and launches bullet-hell roguelite PengPong on Aug 20, 2026. It raised a Seed round from Kakao Ventures and Kona Venture Partners in 2024, and will use the proceeds to hire across design, programming, art and business towards shipping at least three projects a year.
Japan-based AI entertainment studio megli has raised approximately $0.6m (JPY 100m) in a Seed round from Asu Capital Partners, PixAI, jig.jp and Brave group, structured as a third-party share allotment. Founded in Apr 2026 and based in Tokyo’s Chuo ward, megli builds AI-native entertainment IP under its megli-ai brand, where character design, lyrics, composition, vocals and music video are all AI-generated.
PUBLIC OFFERINGS
US-based video game retailer GameStop (NYSE: GME) has entered privately negotiated agreements with holders of its 0.00% convertible senior notes to exchange $400m of the 2030 notes and $1.0B of the 2032 notes for Class A common stock. GameStop receives no cash proceeds. Around $1.1B of 2030 notes and $1.7B of 2032 notes remain outstanding.
OTHERS
Luxembourg-based games publisher Atari (EURONEXT: ALATA) has redeemed the convertible bonds it issued on Jun 1, 2023, a total of EUR 29.3m maturing Jul 31, 2026, financed through a new convertible loan from reference shareholder IRATA LLC. The same FY2025-26 results, for the year to Mar 31, 2026, disclose the terms of Atari’s Jun’26 purchase of Australia-based mobile games developer Hipster Whale: $29.3m initial consideration, of which $26m in cash funded by a $13.1m bank loan and a $14m IRATA loan plus $3.3m in new Atari shares, and an earn-out of up to $10m over three years. Hipster Whale, developer of mobile arcade Crossy Road, has generated $8.3m of revenue and $4.6m of EBITDA in the twelve months to Jan 31, 2026, putting the initial consideration at 3.5x revenue and 6.4x EBITDA. Atari Group revenue rose 66.5% to EUR 56.0m, with a consolidated net loss including Thunderful of EUR 4.8m, while Atari excluding Thunderful returned to a EUR 0.1m net profit from a EUR 12.6m loss a year earlier.
US-based indie games publisher Devolver Digital (AIM: DEVO) has proposed to cancel its AIM admission from Sep 16, 2026, alongside a tender offer to return up to $5.0m at 16 pence per share. There is no acquirer: the company is buying and cancelling its own shares. A general meeting on Sep 8 must pass the resolution with 75% approval; a matched-bargain facility and a further $5.0m tender are planned within 12 months. The board cites $1.6m in annual cost savings and thin, concentrated trading where founders and insiders hold over half the register. Devolver reported FY2025 revenue of $107.9m, up 3.0%, with $36.6m of net cash and no debt. Shares fell 61.9% to 6.10 pence on the news, against a 157 pence IPO price in Nov’21.
EARNINGS REPORTS
PUBLIC MARKET PERFORMANCE
Share-price changes over the trading week from Friday Jul 31 to Friday Aug 7, for the public companies InvestGame tracks whose business includes games: publishers, developers, platform holders, and toys and tabletop names.
Source: InvestGame, local-currency price change.
It was a positive week for the tracked universe: of 60 eligible companies, 38 rose, 21 fell, and one was unchanged, with a median move of 0.9%. Six of the ten charted names moved on an earnings release, and the week’s largest fall came on a corporate announcement rather than an earnings print: Devolver Digital’s proposed delisting. The signals below cover the moves with an identified catalyst.
Share Price Signals
- Unity Software (+35.6%) rose across the week and gained 15.1% in the session on its Aug 6 Q2 report, which put total revenue up 24% and strategic revenue up 38% with adjusted EBITDA of $160.2m. The same day Unity confirmed the $40m sale of its Supersonic publishing business, covered above. The stock had already gained 5.3% on Aug 3 and 5.5% on Aug 4 ahead of the print.
- Bandai Namco (+17.1%) gained 10.9% on its Aug 6 Q1 report, which beat on both revenue and earnings, and extended the move through Friday’s session.
- Asmodee Group (+11.4%) gained 11.1% in the session on its Aug 4 Q1 report.
- Devolver Digital (-56.3%) fell after its Aug 6 announcement of a proposed cancellation of its AIM admission and a tender offer at 16 pence, the prior close and no premium, for 4.71% of the shares. The move is the largest in the tracked universe this week.
- Playtika (-26.3%) fell 15.4% in the session on its Aug 6 Q2 report, which guided full-year revenue and adjusted EBITDA towards the lower end of the existing ranges, and kept falling through Friday’s session.
- AppLovin (-12.4%) fell 19.7% in the session after its Aug 5 Q2 report missed guidance despite 53% revenue growth, then recovered part of the fall on Friday.
- Coffee Stain Group (-4.8%) drifted lower after its Aug 5 Q1 report.
Earnings Calendar: The Week Ahead
Earnings scheduled for Aug 10 to Aug 16, 2026. Dates are as scheduled by the issuers and remain subject to change. Source: InvestGame.
This digest is published for information only. It is not investment advice and not a recommendation to buy or sell any security.
