Nazara’s ~$100m Bluetile & BestPlay Deal Marks Its Largest Acquisition

Nazara Technologies (NSE: NAZARA), India’s publicly listed gaming company, has agreed to acquire a 50% controlling stake in Spain-based casual mobile gaming company Bluetile Games S.L. (formerly Playvalve S.L.) and its rewarded-engagement platform, BestPlay Systems S.L., for an upfront consideration of ~$100.3m. The deal includes performance-linked earn-outs estimated at $98.2m, payable annually over the next 3 years (2028-2030), bringing the total deal value to $198.5m. Nazara holds a call option to acquire the remaining ~50% by 2028 for 6.6x trailing calendar-year EBITDA. If Nazara exercises the call option at current EBITDA levels, the total consideration for full ownership would reach ~$290m, implying an additional ~$91m outlay for the remaining 50%. The deal closing is subject to regulatory approvals (FDI, CNMC in Spain).

The combined Bluetile and BestPlay platform marks the largest acquisition to date for Nazara Technologies. Together, companies have reported $153.6m in revenue and $27.7m in EBITDA for CY2025. At an upfront implied total equity value of ~$200.6m (used as a proxy for enterprise value given the absence of disclosed cash or debt), the transaction values the target at 1.3x CY2025 Gross Revenue and 7.2x CY2025 EBITDA.

Source: Nazara Technologies press release, Mar 18, 2026. Upfront EV = implied 100% equity value of both companies ($200.6m = $100.3m / 50%)

Nazara’s share price has been on a steady downward trajectory since the start of 2026 (-20% YTD), with two distinct selloff waves – beginning with an early Feb’26 selloff on weak Q3 FY26 results, weighed down by regulatory-driven impairment losses and the real money gaming ban. After shares recovered through late February, a sharper second leg down came in early Mar’26, driven by escalating Middle East tensions and broad-based outflows from Indian equities. The Mar 18 announcement of the Bluetile and BestPlay acquisition provided a modest counterweight, with shares recovering from an intra-month low of ~₹225 to ₹235 in the two sessions following the deal’s disclosure.

Bluetile operates 17 live casual mobile games, including Yatzy, Domino Legends, Mahjong Voyage, and Spade Stars, accumulating 375 million total downloads and 22 million monthly active users. BestPlay, Bluetile’s in-house rewarded engagement platform, adds 2.2 million monthly active users who earn real-world rewards by playing Bluetile titles. The average power user engages 4.2 Bluetile games. The combined platform has shown revenue growth over the three calendar years before the transaction, achieving a 2-year CAGR of ~75%. 

Casual and rewarded mobile gaming continues to attract growing M&A interest at the start of 2026. The $202m acquisition of a 70% stake in the Germany-based gaming platform JustPlay by NCSOFT (KRX: 036570) is a recent example of this activity. Bluetile and BestPlay follow the same model, shipping 5 games in 6 months, and a revenue portfolio where the top 5 titles contribute less than 40% of CY2025 revenues. For Nazara, the transaction is therefore as much about gaining an AI development methodology and proprietary UA infrastructure as it is about adding a casual-gaming revenue stream.

Founded in 1999 and headquartered in Mumbai, Nazara operates a globally distributed portfolio across edutainment, esports media, casual mobile gaming, and interactive entertainment. Key subsidiaries include India-based Paper Boat Apps (acquired in Jul’24), the studio behind Kiddopia, a subscription learning platform for young children; US-based games studio WildWorks (acquired in Aug’22), behind a children’s online MMO Animal Jam; Fusebox Games (acquired in Aug’24), the UK studio developer behind licensed mobile narrative games Love Island and Big Brother; India-based digital sports media platform Sportskeeda (taken to 100% ownership in Mar’25); and UK-based PC & Console publisher Curve Games (acquired May’25) with its casual hit Human Fall Flat. The financial impact of these strategic expansions is reflected in the Group’s total revenue and EBITDA dynamics for the last three years:

• Revenue grew 56% over two years, driven principally by the previously acquired mobile and PC & Console studios.
• The CY2025 top-line acceleration (+35.7% YoY) coincided with a decisive portfolio simplification: NODWIN Gaming (esports events) was deconsolidated from the group, which, combined with integration overhead across multiple concurrent acquisitions, compressed EBITDA margin from 9.5% in CY2023 to 4.9% in CY2025.

The strategic rationale for the Bluetile and BestPlay acquisition includes:

• Bluetile’s AI-native pipeline targets 50% faster development cycles, a capability Nazara plans to deploy across its full global portfolio, combined with a highly diversified casual portfolio of 17 live titles. 
• BestPlay’s proprietary rewarded app gives Nazara a fully owned UA distribution channel that bypasses paid external ad networks.
• Strengthening Nazara’s financial profile with an 18% EBITDA margin asset for CY2025.